Tokyo stocks open lower amid concern about overheated market

Economy

Tokyo stocks opened lower Friday amid concern that the market was overheating following recent sharp gains.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average fell 416.03 points, or 1.15 percent, from Thursday to 35,820.44. The broader Topix index was down 27.52 points, or 1.09 percent, at 2,504.40.

On the top-tier Prime Market, decliners were led by bank, transportation equipment and metal product issues.

At 9 a.m., the U.S. dollar fetched 147.72-73 yen compared with 147.60-70 yen in New York and 147.67-69 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.0844-084...

Kyodo News

Kyodo News