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Tokyo stocks start 2023 lower as yen appreciates

Year of the Rabbit starts without a hop in share prices

Tokyo's dip follows a low opening day for U.S. stocks, especially for tech companies like Apple and Tesla. (Photo by Kosaku Mimura)

TOKYO -- The Tokyo stock market reopened for 2023 with prices on a decline, snubbing the old Japanese market aphorism that stock prices "jump" in the Year of the Rabbit.

Stock prices remained low throughout Wednesday, with the benchmark Nikkei Stock Average closing with a fall of 1.5% from the final trading day of 2022. At one point in the morning, the benchmark dropped 432.61 points, or 1.7%, from Friday to 25,661.89.

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