Tokyo stocks open lower as Fed eyes start of tapering this year

© Kyodo News

Tokyo stocks opened lower Thursday after the U.S. Federal Reserve's July minutes released overnight showed most officials expect stimulus tapering can be started this year if the economy continues to recover from the coronavirus pandemic fallout.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average sagged 120.57 points, or 0.44 percent, from Wednesday to 27,465.34. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 9.45 points, or 0.49 percent, at 1,914.52.

Decliners were led by iron and steel, oil and coal product, and mining issues.

At 9 a.m., the dollar fetched 109.84-85 yen compared with 109.71-81 yen in New York and 109.60-62 yen in Tokyo at 5 p.m. Wednesday.

The euro was quoted at $1.1703-1703 and 128.55-59 yen against $1.1704-1714 and 128.48-58 yen in New York and $1.1723-1725 and 128.49-53 yen in Tokyo late Wednesday afternoon.