TOKYO, Sept 30 ― Tokyo stocks opened higher but dipped into negative territory quickly today, as worries about a potential US government shutdown overwhelmed support from a cheaper yen.
The benchmark Nikkei 225 index was down 0.10 per cent, or 28.84 points, at 29,515.45 about half an hour after the opening bell, while the broader Topix index traded down 0.18 per cent, or 3.58 points, at 2,034.71.
Investors remain cautious ahead of the deadline for the US debt ceiling bill later in the day, fearing a potential government shutdown, analysts said.
“As for whether the US can avoid a government shutdown, ... focus today will be on Congress passing a continuing resolution before the end of Thursday to fund the government through to December 3,” senior analyst Tapas Strickland of National Australia Bank said in a note.
Democrats announced that the US Senate will vote today on legislation to fund federal agencies, which is likely to avert the shutdown.
The dollar fetched ¥111.90 (RM4.18) against ¥111.98 in New York and ¥111.43 in late Tokyo hours yesterday.
There was no strong reaction to Japan's ruling Liberal Democratic Party choosing Fumio Kishida as their new leader and the country's next prime minister.
Seen as a safe pair of hands likely to continue existing government policy, Kishida will be approved as prime minister by parliament on October 4.
On Wall Street, stocks closed mixed with the benchmark Dow ending up 0.3 per cent at 34,390.72 but tech shares falling again, as investors reassess equity bets in the expectation of higher interest rates.
In Tokyo, shipping firms dived with Mitsui O.S.K. Lines dropping 7.21 per cent to ¥7,840 and Nippon Yusen down 7.80 per cent at ¥8,630.
Many other exporters were lower, with Nippon Steel trading down 2.19 per cent at ¥2,019, Toyota slipping 2.55 per cent to ¥2,020 and Sony off 0.84 per cent at ¥12,335. ― AFP
Source: Malay Mail
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