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Tokyo stocks open 0.62% lower

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(Globalpost/GlobalPost)

Tokyo stocks opened 0.62 percent lower on Friday after falls in US and European shares and following the yen's upturn against the dollar.

The Nikkei 225 index at the Tokyo Stock Exchange was down 70.38 points at 11,238.75 at the start.

"Technically, Japan stocks are in line for more consolidation, but the stronger yen is the biggest directional determinant," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.

The dollar remained weak against the yen in early Asian trade after turning down sharply in a correction to its recent rise.

It was at 93.14 yen, hardly changed from 93.11 yen in New York Thursday afternoon but down from 93.67 yen in Asian trade on Thursday.

The dollar remained firm against the euro after rallying on a leading eurozone growth indicator showing that private business activity hit a two-month low in February.

The euro bought $1.3189 in Asia against $1.3188 in US trade while fetching 122.88 yen against 122.81 yen.

US stocks closed lower Thursday, hit by weak data on US manufacturing and the weak eurozone data. The Dow Jones Industrial Average finished down 0.34 percent at 13,880.62.

-- Dow Jones Newswires contributed to this article --

bur-mis/jw

http://www.globalpost.com/dispatch/news/afp/130221/tokyo-stocks-open-062-lower