Tokyo shares open lower on fresh US economic worries, stronger yen - UPDATE TOKYO (Thomson Financial) - Tokyo shares opened lower Monday led by export-oriented shares after US jobs data released Friday showed an unexpected drop in payrolls in August, the first fall in four years, highlighting the impact of a faltering home market on the broader US economy. The yen's surge in foreign exchange trading helped fuel worries about the export sector particularly for car makers and high tech equipment makers, as a strong yen undermines export earnings at Japanese companies. Uncertainties over Japan's economic outlook prevailed following the release of revised gross domestic product data for the April to June period, which showed a 0.
3 percent drop from the previous quarter, compared with the preliminary reading of a 0.1 percent rise. This is the first drop in ten quarters.
At 9.46 am, the Nikkei 225 Stock Average was down 429.52 points, or 2.
7 percent, at 15,692.64. The broader Topix index was down 39.
28 points, or 2.5 percent, at 1,517.74.
Foreign investors were net sellers in orders placed through major foreign brokerages before the start of trading, following sharp falls Friday in US stocks. On Friday in the US, the Dow Jones Industrial Average closed down 249.97 points, or 1.
9 percent, to 13,113.38, while the Nasdaq composite index fell 48.62 points, or 1.
9 percent, to 2,565.70. 'The US employment data reinforced investor uncertainties about the future course of the US economy on top of ongoing worries about subprime loans.
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