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Tokyo stocks seen weakening on N.Korea missile news

Written by: Staff
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TOKYO, July 5 (Reuters) Tokyo stocks are expected to fall on Wednesday with investors worried about geopolitical risk in Asia after news that North Korea launched several missiles early in the morning.

The yen slipped to 115.10 to the dollar from around 114.55 in late European trade. U.S. markets were closed on Tuesday for the Independence Day holiday.

But analysts said the fact this is not the first time North Korea has launched missiles is expected to curb any aggressive market reaction to the news, while share prices look vulnerable to falls after the Nikkei average rose in the previous four straight sessions.

''I don't expect any strong reaction to the reports on North Korea. This is not for the first time we hear this type of news,'' said Katsuhiko Kodama, senior strategist at Toyo Securities.

''I don't think this is a type of news to drag down the Nikkei by 200 to 300 points,'' he said.

The Nikkei is likely to move between 15,500 and 15,650 on Wednesday, traders said.

It rose 0.43 percent to 15,638.50 on Tuesday, taking its four-day gain to 5 percent.

Reuters DH VP0530

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