Tokyo stocks open lower on recession data, strong yen
Tokyo stocks opened lower Monday after new data showed Japan's economy contracted sharply in the final quarter of 2008 and the yen rose against the dollar, dampening hopes for export recovery, dpa reported.
The benchmark Nikkei 225 dropped about 1 per cent to 7,701.65 points, while the broader Topix index slid 0.2 per cent, to 763.35 52.80 points.
Japan's GDP shrank 3.3 per cent in the fourth quarter, the steepest drop in more than 30 years, as the world's second-largest economy is mired in recession after three straight negative quarters.
The new quarterly data was in line with what the market expected, but that and a stronger yen deepened the gloom for recovery of the key export sectors.
On currency markets the dollar shed 0.3 per cent to 91.58 yen.