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Tokyo stocks open down 0.08% lower

Tokyo stocks opened slightly lower on Friday following the release of lacklustre Japanese economic data showing tepid inflation and a surprise drop in household spending.

The Nikkei 225 index at the Tokyo Stock Exchange slipped 16.28 points, or 0.08 percent, to 20,506.55 at the start.

A report from the internal affairs ministry showed household spending fell 2.0 percent year-on-year in June against market expectations that family spending would keep increasing after a rise of 4.8 percent in May.

Core inflation, excluding volatile fresh food prices, was up 0.1 percent, well short of the Bank of Japan's 2.0 percent target.

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The dollar lost steam Friday after rising on a report on US growth in the second quarter that confirmed the economy is expanding at a moderate rate.

The greenback was at 123.95 yen early Friday compared with 124.15 yen in New York late Thursday.

The euro bought $1.0941 and 135.66 yen against $1.0931 and 135.70 yen in US trade.

The US Commerce Department said Thursday the world's top economy expanded at an annual rate of 2.3 percent in the April-June period, the strongest pace of growth since the third quarter of 2014.

The Dow Jones Industrial Average dipped 0.03 percent Thursday, dragged by lower by weak Procter & Gamble results.

The broad-based S&P 500 was almost flat while the tech-rich Nasdaq Composite Index rose 0.33 percent.

mis/psr