Tokyo stocks open lower on U.S. recession fears

Tokyo stocks opened lower Friday, following a sharp drop on Wall Street overnight, as fears of a recession in the United States due to prolonged monetary tightening by the Federal Reserve spooked the market.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 367.01 points, or 1.31 percent, from Thursday to 27,684.69. The broader Topix index was down 16.20 points, or 0.82 percent, at 1,957.70.

On the top-tier Prime Market, electric appliance, machinery and precision instrument issues were among the worst performers.

At 9 a.m., the dollar fetched 137.74-77 yen compared with 137.70-80 yen in New York and 135.85-87 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.0637-0641 and 146.51-60 yen against $1.0626-0636 and 146.37-47 yen in New York and $1.0641-0643 and 144.56-60 yen in Tokyo late Thursday afternoon.

© Kyodo News