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Tokyo stocks open down 1.41%

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(Globalpost/GlobalPost)

Tokyo stocks opened 1.41 percent lower on Tuesday after skidding more than three percent the previous day on profit-taking and a stronger yen.

The Nikkei 225 index, which fell 3.22 percent Monday, was 199.03 points lower to 13,943.62 points at the start.

The benchmark index may fall to 13,500 in the coming weeks as a correctional phase after months of rapid rises has likely started, said Yoshihiro Okumura, general manager of research at Chibagin Asset Management.

"We'll be in a correctionary phase for a month or two," he said.

"Broader sentiment is profit-taking rather than dip-buying."

Europe's stock markets closed on a positive note on Monday while the London and New York markets were closed for holidays.

The dollar was trading at 101.12 yen in early Asian trade Tuesday against 101.09 yen in European trade late Monday.

The euro bought $1.2931 and 130.78 yen against $1.2928 and 130.69 yen in Europe.

-- Dow Jones Newswires contributed to this article --

bur-mis/mtp

http://www.globalpost.com/dispatch/news/afp/130527/tokyo-stocks-open-down-141