tokyo stocks open 0.90 pc lower

TOKYO: Tokyo stocks opened 0.90 percent lower Thursday, hit by declines on Wall Street and a stronger yen after poor US jobs data and a warning from the Federal Reserve chief on high equity valuations.The Nikkei 225 index at the Tokyo Stock Exchange fell 175.17 points to 19,356.46 at the start of the first trading session since Friday.The dollar was at 119.36 yen early Thursday, down from 119.44 yen in New York late Wednesday and 119.66 yen in Asia on Friday before Tokyo was shut for holidays.The euro bought $1.1344 and 135.43 yen on Thursday compared with $1.1348 and 135.54 yen in US trade.Fed chair Janet Yellen, speaking at a Washington conference, warned that “equity market valuations at this point generally are quite high”.Payroll firm ADP meanwhile reported the US added just 169,000 private-sector jobs in April, the second month in a row under 200,000.The data came ahead of Friday’s highly anticipated Labor Department jobs report.The Dow Jones Industrial Average dropped 0.48 percent on Wednesday while the broad-based S&P 500 fell 0.45 percent.