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Tokyo stocks closed slightly lower Monday on profit-taking as investors awaited corporate earnings and Japan’s upcoming general election.
The benchmark Nikkei 225 index edged down 0.15 percent, or 43.17 points, to 29,025.46, while the broader Topix index fell 0.23 percent, or 4.70 points, to 2,019.23.
“Investors locked in profits following a sizeable gain last week,” when the Nikkei index jumped more than three percent, said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.
“But a weak yen prompted investors to buy exporters, led by automakers,” Horiuchi told AFP.
The dollar stood at 114.26 yen in Asian afternoon trade, slightly down from 114.28 yen in New York on Friday but up from the 112-yen level a week before.
“As the corporate earnings season kicks into full gear from the month’s end, investors seem to have high hopes that the depreciation of the yen may prompt businesses to upgrade their earnings,” Oaksan Online Securities said.
Investors are also focusing on the October 31 general election, with campaigning due to officially begin on Tuesday, brokers said.
