Tokyo stocks opened flat on Friday, with investors on the sidelines after an inconclusive session on Wall Street amid fresh reports over a possible US-China trade deal, reports BSS/AFP.
The benchmark Nikkei 225 index was up 0.01 percent or 2.45 points at 23,041.03 in early trade, while the broader Topix index was up 0.01 percent or 0.24 points at 1,689.62.
“Trade is seen lacking a sense of direction as bargain-hunting purchases will emerge on expectations of progress in US-China trade talks, whileprofit-taking will cap the upside,” Mizuho Securities said in a note. China’s Vice Premier and chief negotiator Liu He said late Wednesday he was “cautiously optimistic” about reaching a phase-one trade deal with the US, Bloomberg reported. Meanwhile, the Wall Street Journal reported He had invited his Americancounterparts for face-to-f ce talks in Beijing.
“A series of headlines overnight gave a degree of optimism that a partial agreement entailing a truce is still likely,” National Australia Bank’s analyst Tapas Strickland said in a note. Nevertheless, a US bill supporting civil rights in Hong Kong is still seen as a “barrier to a more comprehensive trade deal,” added Strickland. The dollar fetched 108.59 yen in early Asian trade, against 108.60 yen inNew York on Thursday. In Tokyo, some automakers were higher, with Nissan gaining 1.28 percent to 672.6 yen and Toyota edging up 0.23 percent to 7,734 yen. Sony was up 1.34 percent at 6,722 yen while Panasonic was down 1.28 percent at 992.1 yen. Game giant Nintendo was down 2.74 percent at 41,820 yen while Uniqlo casual wear operator Fast Retailing was up 0.40 percent at 66,550 yen.
Japan’s core consumer price index was up 0.4 percent year-on-year in October, according to government data released 30 minutes before the opening bell. The data was in line with market expectations. On Wall Street, the Dow ended down 0.2 percent at 27,766.29.