Tokyo stocks open lower as stronger yen weighs on exporters

Tokyo stocks opened down Monday, led by exporter selling on the stronger yen against the U.S. dollar amid prospects that the Federal Reserve is done raising interest rates.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 322.64 points, or 0.97 percent, from Friday to 33,108.87. The broader Topix index was down 29.57 points, or 1.24 percent, at 2,352.95.

On the top-tier Prime Market, decliners were led by transportation equipment, pharmaceutical and wholesale trade issues.

At 9 a.m., the dollar fetched 146.36-37 yen compared with 146.75-85 yen in New York and 148.28-30 yen in Tokyo at 5 p.m. Friday.

The euro was quoted at $1.0884-0888 and 159.30-37 yen against $1.0879-0889 and 159.69-79 yen in New York and $1.0894-0896 and 161.54-58 yen in Tokyo late Friday afternoon.

© Kyodo News