Tokyo stocks opened almost flat Wednesday, as dip-buying following sharp declines the previous day was offset by concern over the impact of prolonged elevated U.S. interest rates on the world's largest economy.
In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 24.65 points, or 0.06 percent, from Tuesday to 38,495.85. The broader Topix index was down 3.07 points, or 0.11 percent, at 2,694.04.
On the top-tier Prime Market, gainers were led by real estate, marine transportation and nonferrous metal shares. The main decliners were pulp and paper, mining, and farm and fishery issues.
The U.S. dollar remained firm in the upper 154 yen level after hitting a new 34-year high of 154.79 yen in New York overnight, as the Federal Reserve chair signaled high inflation is likely to delay the start of interest rate cuts.
At 9 a.m., the dollar fetched 154.69-72 yen compared with 154.68-78 yen in New York and 154.39-40 yen in Tokyo at 5 p.m. Tuesday.
The euro was quoted at $1.0619-0623 and 164.27-36 yen against $1.0614-0624 and 164.16-26 yen in New York, and $1.0617-0619 and 163.92-96 yen in Tokyo late Tuesday afternoon.
