Tokyo stocks slightly lower in morning on stronger yen

Tokyo stocks were slightly lower Wednesday morning, weighed down by some exporter shares on a stronger yen in directionless trading.

The 225-issue Nikkei Stock Average fell 40.09 points, or 0.10 percent, from Tuesday to 38,750.47. The broader Topix index was down 9.42 points, or 0.34 percent, at 2,771.93.

The U.S. dollar remained weak in the upper 144 yen range in Tokyo as tensions in the Middle East eased after U.S. President Donald Trump said Monday that Israel and Iran had agreed to a cease-fire.

At noon, the dollar fetched 144.78-82 yen compared with 144.82-92 yen in New York and 145.30-32 yen in Tokyo at 5 p.m. Tuesday.

The euro was quoted at $1.1620-1622 and 168.24-31 yen against $1.1604-1614 and 168.12-22 yen in New York and $1.1590-1592 and 168.41-45 yen in Tokyo late Tuesday afternoon.

The Nikkei stock index was supported by heavyweight chip-linked shares following the rise of a key U.S. semiconductor index overnight. However, some export-oriented auto issues were sold on a firmer yen, which decreases exporters' overseas profits when repatriated.

Despite a solid advance on Wall Street overnight, Tokyo stocks were directionless as the market had already digested the news the previous day of the cease-fire agreement between Israel and Iran, brokers said.