Tokyo stocks slip by break
The broader Topix index of all first-section shares ticked down 0.05 percent
TOKYO (AFP) - Tokyo shares slipped in low-volume trade on Tuesday morning, despite a surge in oil prices, with the market weighed by disappointing Japanese second-quarter GDP figures.
The weak start came despite fresh records on Wall Street, where all three main indices pushed to new highs.
Below-par data Monday showing growth in the world s number three economy was flat in the April-June period sapped life out of the market.
The Japanese growth figures missed economists expectations for a modest 0.2 percent expansion, as weak exports and a fall in business spending held back activity.
Trading was also thin with many investors away for Japan s week-long Obon holiday, while the stronger yen kept the market underwater.
In forex markets, the dollar fell to 100.60 yen from 101.25 yen in New York, a negative for the profitability of Japan s exporters.
"The odds are for the market to see another quiet day of trading," Toshihiko Matsuno, a senior strategist with SMBC Friend Securities, told Bloomberg News.
"But the upside may also be capped as we re now in a phase where it s difficult to see the yen weaken from here."
By the break, Tokyo s benchmark Nikkei 225 index fell 0.25 percent, or 42.47 points, to 16,827.09, extending the previous session s loss.
The broader Topix index of all first-section shares ticked down 0.05 percent, or 0.69 point, to 1,315.94.
Shares of Uniqlo-operator Fast Retailing, a market heavyweight, shed 1.70 percent to finish the morning at 36,990 yen.
But an overnight jump in crude prices lifted petroleum-linked shares, with energy explorer Inpex climbing 2.04 percent to 863.5 yen and refiner JX Holdings tacking on 2.17 percent to 381.3 yen.
