Tokyo stocks softer, awaiting Koizumi

TOKYO, Japan -- Tokyo stocks were softer by mid-morning on Monday, with buyers shying away from high-technology issues following their hefty rises and a four-day weekend.

Audio CNN's Andrew Stevens with the Asian stock market open. 1.51MB/2 min 23 sec AIFF or WAV sound

Traders said the market needed to reconfirm Prime Minister Junichiro Koizumi's resolve for structural reform when he gives his inaugural policy speech to parliament at 1 p.m. Tokyo time.

The Tokyo financial markets were closed on Thursday and Friday for the Golden Week holidays.

"The Nasdaq looks good, but some of the major techs recently tacked on nice gains and investors are quick to grab profits when the Nikkei nears 14,500," said Yutaka Miura of Shinko Securities.

The benchmark Nikkei average fell 1.38 percent or 198.61 points to 14,223.03 by 0113 GMT. It finished last Wednesday 0.03 percent lower at 14,421.64, but had jumped 3.5 percent in last week's holiday-shortened two sessions.

Hitachi loses some of last week's gains

The technology-rich U.S. Nasdaq composite index rose 2.11 percent to 2,191.53 on Friday.

Japan's biggest electronics manufacturer, Hitachi Ltd, was 3.16 percent softer at 1,316 yen. It shot up 13 percent last week after unveiling higher-than-expected earning results.

But gains in Yamato Kogyo and other 'old economy' shares supported the broader market and capital-weighted TOPIX index, which was down a less pronounced 0.38 percent or 5.37 points at 1,418.87.

Reuters contributed to this report.

Note: Pages will open in a new browser window

External sites are not endorsed by CNN Interactive.