Tokyo stocks close down 0.10pc

July 23, 2014 - 9:39:01 am

TOKYO: Tokyo stocks closed down 0.10 percent on Wednesday as early buying following a positive lead from Wall Street ran out of steam.

The benchmark Nikkei 225 index slipped 14.72 points to 15,328.56, while the Topix index of all first-section issues edged down 0.07 percent, or 0.88 points, to 1,272.39.

Japanese companies are reporting their April-June results starting this week but solid figures have already been largely factored into the market, analysts said.

"There are few catalysts to buy the upside," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.

"We know the April-June results are good. That couldn't be a driver to break the range."

In currency markets the dollar was firm against most other major currencies, especially the euro, as easing US consumer inflation data pointed to the Federal Reserve keeping a steady course on interest rates.

The greenback bought 101.42 yen, compared with 101.45 yen in US trade, while it also held up against the euro which bought $1.3465 in afternoon Tokyo trade, flat from the level in New York.

Electronics shares were mixed, with Sony advancing 1.07 percent to 1,699.5 yen and Sharp rising 1.23 percent to 327 yen, while NEC fell 1.28 percent to 384 yen.

On Wall Street, the Dow Jones Industrial Average rose 0.36 percent to 17,113.54 Tuesday as a survey showed the highest level of existing-home sales in eight months in June. (AFP)