Tokyo stocks open lower on worries over economy

Tokyo stocks opened lower on Thursday

following losses on Wall Street after lacklustre US jobs data exacerbated

recession fears.

The benchmark Nikkei 225 index was down 1.76 percent or 383.80 points at

21394.81 in early trade while the broader Topix index was down 1.74 percent

or 27.73 points at 1568.56.

The Japanese market is falling sharply pressured by sell offs in US

shares and a higher yen Toshiyuki Kanayama senior market analyst at Monex

said in a commentary.

Wall Street stocks tumbled Wednesday after payrolls firm ADP estimated the

US added 135000 private sector jobs in September the figure below market

expectations bolstering anxiety over the US economy.

The dollar fetched 107.07 yen in early Asian trade against 107.16 yen in

New York late Wednesday.

Indices were lower elsewhere in the region too with Australias ASX down

2.4 percent shortly after the open.

In Tokyo shares were lower across the board with Toyota dropping 2.13

percent to 7006 yen Honda dipping 2.44 percent to 2749 yen Panasonic

trading down 2.36 percent at 880.4 yen and Hitachi off 1.89 percent at 3996

yen.

Kansai Electric was down 0.82 percent at 1255.5 yen after the company

admitted two executives who were responsible for its nuclear business both

received more than 100 million yen ($929000) in gifts from a former official

of a town hosting one of its nuclear plants.

The utility disclosed additional information on the scandal involving more

than a dozen officials on Wednesday but its chief executive officer refused

to step down.

Tokyo Electric was down 1.86 percent at 577 yen.

In New York the Dow ended down 1.9 percent at 26078.62.

Source: Bangladesh Sangbad Sangstha (BSS)