Tokyo stocks open flat on China lockdown fears, crude oil drop

Tokyo stocks opened nearly flat Tuesday as possible further COVID-19 lockdowns in China raised fears over their impact on the global economy, while an overnight slump in crude oil futures eased concerns over inflation.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 42.61 points, or 0.16 percent, from Monday to 26,633.39. The broader Topix index was down 0.48 point, or 0.03 percent, at 1,876.04.

On the top-tier Prime Market, gainers were led by rubber product and real estate issues, while mining and nonferrous metal issues led decliners.

At 9 a.m., the dollar fetched 127.78-79 yen compared with 128.08-18 yen in New York and 128.19-21 yen in Tokyo at 5 p.m. Monday.

The euro was quoted at $1.0711-0715 and 136.85-94 yen against $1.0707-0717 and 137.20-30 yen in New York and $1.0737-0740 and 137.65-69 yen in Tokyo late Monday afternoon.

© Kyodo News