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Tokyo: Stocks open lower following US losses

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[TOKYO] Tokyo shares opened lower on Wednesday, extending losses on Wall Street amid a broader market rout over the coronavirus outbreak. Read more at The Business Times.

The dollar traded at 107.36 yen in early Asian trade against 107.63 yen in New York on Tuesday afternoon.

In Tokyo trading, Fujifilm continued to rise after the company announced on Tuesday it began a clinical study on its anti-flu drug Avigan for treating the new coronavirus.Automakers were lower with Honda falling 1.87 per cent to 2,384.5 yen and Toyota 0.58 per cent to 6,463 yen. Subaru dropped 1.9 per cent to 2,034.5 yen after it announced it would halt its plants in Japan and the US for about 20 days.

Before markets opened, a key survey showed confidence among Japan's biggest manufacturers had plunged into negative territory for the first time in seven years, as the coronavirus pandemic hits demand and disrupts production. The Bank of Japan's March Tankan business survey -- a quarterly poll of about 10,000 companies -- showed a reading of minus 8 among major manufacturers, the first negative reading since March 2013.

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