Tokyo stocks open lower on U.S. interest rate hike concerns

Tokyo stocks opened lower Tuesday on concerns over prolonged U.S. interest rate hikes and the adverse impact on the world’s largest economy, while the U.S. dollar climbed to a new 11-month high versus the yen overnight.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 167.14 points, or 0.51 percent, from Monday to 32,511.48. The broader Topix index was down 8.26 points, or 0.35 percent, at 2,377.24.

On the top-tier Prime Market, decliners were led by pharmaceutical, iron and steel, and electric appliance issues.

At 9 a.m., the dollar fetched 148.81-84 yen after hitti...