TOKYO, Japan (AFP) — Tokyo stocks opened flat on Tuesday as markets waited for fresh clues on the global economy and United States central bank policy, and as the yen’s recent falls came to a halt.
Investors were awaiting US Federal Reserve chief Janet Yellen’s testimony Wednesday for insight into the powerful institution’s policy direction, analysts said.
Yellen will update lawmakers on the outlook for the US economy and her expectations for additional interest rate increases in her twice-annual appearance before congressional committees.
“As investors in global markets are seen taking to the sidelines awaiting fresh clues, there is no clear direction” in Tokyo trading, Toshihiko Matsuno, senior strategist at SMBC Friend Securities, told Bloomberg News.
On Wall Street, the Dow Jones Industrial Average shed less than 0.1 percent to 21,408.52 on Monday as technology shares advanced while retailers retreated ahead of Yellen’s testimony and second quarter earnings reports later in the week.
The benchmark Nikkei 225 index slipped 0.05 percent, or 9.80 points, to 20,071.18 in the first minute of trading, while the Topix index of all first-section issues was down 0.03 percent, or 0.42 points, at 1,615.06.
The dollar fetched 114.11 yen in Asia, down slightly from 114.14 yen in New York Monday and also down from 114.21 yen in Tokyo Monday.
Automakers were mixed with Toyota gaining 0.21 percent to 6,200 yen while Honda slid 0.48 percent to 3,089 yen.
Panasonic was up 0.36 percent at 1,497 yen and Sony gained 1.59 percent to 4,387 yen.
Japan Post Holdings was up 0.56 percent at 1,414 after the business daily Nikkei reported it will push back share sale plans.
But Uniqlo casual fashion brand operator and market heavyweight Fast Retailing was down 0.61 percent at 36,950 yen.
© Agence France-Presse