Tokyo stocks open lower with eyes on earnings, virus

·1-min read

Tokyo stocks opened lower on Friday in cautious trade, with investors watching corporate earnings and surging coronavirus cases in Japan.

The benchmark Nikkei 225 index was down 0.58 percent or 161.40 points at 27,621.02 in early trade, while the broader Topix index lost 0.31 percent or 5.88 points to 1,921.55.

"Even though sound gains on Wall Street are providing some support, the market is weighed down by worries over the expansion in new virus cases in Japan," Okasan Online Securities said.

Japan's government is expected to expand a virus state of emergency from Tokyo and the southern Okinawa region to several other areas, and extend the period to the end of August.

On Thursday, daily infections nationwide topped 10,000 for the first time, Japanese media said, with Tokyo reporting a record 3,865 cases.

Traders' eyes are also on corporate earnings reports being released this week, analysts added.

The dollar fetched 109.44 yen in early Asian trade, against 109.48 yen in New York late Thursday.

In Tokyo, Panasonic was down 0.52 percent at 1,343 yen on profit-taking after it reported a better-than-expected first-quarter operating profit.

Industrial robot maker Fanuc dropped 4.89 percent to 24,725 yen, also on profit-taking, after it raised its full-year operating profit forecast.

But electronic components maker Murata was up 1.04 percent at 9,195 yen after it reported a better-than-expected first-quarter operating profit and raised its full-year operating profit forecast.

On Wall Street, the Dow ended up 0.4 percent at 35,084.53.

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