Tokyo stocks open lower with gains locked in after 9-day rally

Tokyo stocks opened lower Monday as investors locked in gains following the Nikkei index's nine-day rally, while concerns over China's economy weighed on the market after its financial hub of Shanghai came under lockdown due to rising COVID-19 infections.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 158.00 points, or 0.56 percent, from Friday to 27,991.84. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 5.51 points, or 0.28 percent, at 1,975.96.

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

At 9 a.m., the dollar fetched 122.25-28 yen compared with 122.05-15 yen in New York and 121.73-75 yen in Tokyo at 5 p.m. Friday.

The euro was quoted at $1.0980-0984 and 134.23-31 yen against $1.0976-0986 and 134.14-24 yen in New York and $1.1022-1024 and 134.17-21 yen in Tokyo late Friday afternoon.

© Kyodo News