Business News

TOKYO, March 8 (APP/AFP): Tokyo stocks fell in early trade on
Tuesday as a stronger yen weighed on exporters, and investors shrugged off data that showed Japan’s economy contracted less than initially thought in the last quarter of 2015.
Shortly before the opening bell, revised figures showed the world’s
number-three economy shrank 0.3 percent in the October-December period, up
slightly from an original estimate of a 0.4 percent contraction.
The data reflected better-than-expected corporate investment and the
effect of government spending.
On currency markets, the dollar weakened to 113.09 yen from 113.41
yen in New York.
A stronger yen on Tuesday dented the profitability of Japan’s
exporters, decreasing appetite for their shares.
In late morning trade, the benchmark Nikkei 225 index at the Tokyo
Stock Exchange fell 0.83 percent, or 139.92 points, to 16,771.40.
The broader Topix index of all first-section shares was down 0.85
percent, or 11.58 points, to 1,350.32.
“Market sentiment is improving, but there’s also a sense of deadlock
as well,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told Bloomberg News.
“We’re not in a state where investors are strongly bullish.”
In US trade on Monday, petroleum-linked stocks closed higher on a big
surge in oil prices, while the Nasdaq fell on a decline in major tech-linked shares.
The Dow closed 0.4 percent higher and the S&P 500 edged up less than 0.1 percent. But the Nasdaq was off 0