Tokyo stocks open down on global inflation worry after oil price surge

© Kyodo News

Tokyo stocks opened lower Monday on concerns that the U.S. Federal Reserve will tighten its monetary policy, as well as worries over inflation and the impact of higher fuel costs on the global economy following a rise in crude oil futures.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 295.29 points, or 1.08 percent, from Friday to 27,144.70. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 14.93 points, or 0.77 percent, at 1,915.63.

Decliners were led by marine transportation, metal product and precision instrument issues.

At 9 a.m., the dollar fetched 115.22-25 yen compared with 115.14-24 yen in New York and 115.10-11 yen in Tokyo at 5 p.m. Friday.

The euro was quoted at $1.1453-1457 and 131.96-132.04 yen against $1.1446-1456 and 131.85-95 yen in New York and $1.1467-1468 and 131.99-132.03 yen in Tokyo late Friday afternoon.