Tokyo stocks edge down

11 December, 2019 12:00 AM printer

TOKYO: Tokyo stocks closed marginally lower on Tuesday in cautious trade ahead of several key events this week, including the US Federal Reserve's policy decision.

The benchmark Nikkei 225 index slipped 0.09 percent, or 20.51 points, to 23,410.19, while the broader Topix index was down 0.08 percent, or 1.30 points, at 1,720.77, reports AFP.

"Shares remained almost unchanged from early in the morning as players were on the sidelines, waiting for key events," Shinichi Yamamoto, a broker at Okasan Securities in Tokyo, told AFP.

The dollar fetched 108.61 yen in Asian afternoon trade, against 108.56 yen in New York.

Wall Street stocks retreated on Monday at the start of a news-packed week that includes the British election on Thursday and a Federal Reserve decision on Wednesday.

The Fed is widely expected to keep interest rates unchanged, while the British election has been seen as moving the country closer to an exit from the European Union.

While observers widely expect Beijing and Washington to hammer out a partial tariff agreement, a December 15 deadline for the US to impose fresh levies on Chinese goods is keeping investors nervous, analysts said.

At home, the Bank of Japan is due to release the closely-watched Tankan business confidence survey on Friday.

Among major shares in Tokyo, automakers were mostly lower, with Toyota losing 1.03 percent to 7,650 yen and Nissan slipping 1.16 percent to 679.6 yen.

Electronics and chip-linked shares were mixed, with chip-making equipment manufacturer Tokyo Electron off 0.69 percent at 22,250 yen but chip-testing equipment maker Advantest up 1.52 percent at 5,340 yen.


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