Tokyo stocks down after muted US gains

Tokyo          -         Tokyo stocks fell on Wednesday after rallies on Wall Street were curbed by geopolitical risks linked to the war in Ukraine. The benchmark Nikkei 225 index was down 0.69 percent, or 194.32 points, at 27,795.85 in morning trade, while the broader Topix index lost 0.64 percent, or 12.65 points, to 1,951.57. “Japanese shares are seen moving in a narrow range after the US Dow made only small gains,” said Monex senior market analyst Toshiyuki kanayama. Hopes for slower interest rate hikes by the US Federal Reserve were offset by geopolitical jitters sparked by headlines saying Russian-made missiles had landed in Poland, kanayama added. The news sent US stocks lower but major indices recovered ground by the closing bell, with the Dow closing up 0.2 percent and the broad-based S&P 500 rising 0.9 percent. on Wednesday, the White House said US President Joe Biden, who is in Indonesia for the G20 summit, is holding emergency talks with allies after the missiles killed two people in a village in Poland, a NATo member state. The dollar fetched 138.96 yen in early Asian trade, against 139.16 yen in New york late Tuesday. Sony Group was down 1.34 percent at 11,435 yen, olympus dropped 3.87 percent at 2,709.5 yen, and Toyota was down 0.68 percent at 1,984.5 yen. Daiichi Sankyo was up 1.87 percent at 4,570 yen after the pharmaceutical company said its mRNA-based CoVID-19 vaccine had been successful in a trial of the shot as a booster. The firm said it “will proceed with preparation for a new drug application” in January 2023 for its vaccine.

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