Tokyo stocks open flat ahead of holidays

Tokyo stocks opened flat Friday as investors shifted to pre-holiday profit-taking mode after US stocks resumed their climb on the passage of President Donald Trump's long-awaited tax cut plan.

The benchmark Nikkei 225 index edged down 0.03 percent, or 7.47 points, to 22,858.63 in early trade while the broader Topix index was up 0.12 percent, or 2.17 points, at 1,824.78.

Wall Street broke a two-day losing streak on Thursday with the Dow Jones Industrial Average ending up 0.2 percent at 24,782.29 points.

US investors have viewed the controversial $1.5 trillion tax overhaul as President Trump's most important priority.

But now it is near to being signed into law, investors may look to take profits out of the buoyant market, analysts said.

"Tokyo trade is seen static with few market-moving events, while foreign investors, who account for a large portion of Tokyo trade, are absent from trade ahead of the Christmas holidays," said SBI Securities in a commentary.

The news that Catalan separatists won a snap regional poll Thursday in Spain did not immediately upset the foreign currency exchange market in early Asian trade.

In Tokyo, pharmaceutical firm Eisai plunged 16.70 percent to 6,000 yen after it said its BAN2401 treatment for Alzheimer's disease failed initial effectiveness tests.

Kobe Steel was down 1.60 percent at 1,044 yen, after it said three executives were aware of data-falsifying in the scandal over quality control issues.

Automakers were mixed, with Toyota slipping 0.45 percent at 7,254 yen while its rival Nissan traded up 0.31 percent at 1,120.5 yen.

The dollar fetched 113.32 yen in early Asian trade, against 113.30 yen in New York late Thursday.