Tokyo stocks open flat on Wednesday

TOKYO (AFP) - Tokyo stocks opened almost flat on Wednesday after closing at their highest level in nearly two months the previous day.

The Nikkei 225 index, which rose 0.23 per cent to log its best finish since early April on Tuesday, slipped 0.10 per cent, or 15.02 points, to 14,621.50 in the first few minutes of trading.

In New York the S&P 500 notched another record close as US stocks rallied following some solid economic data.

The broad-based S&P 500 gained 0.60 per cent at 1,911.91 while the Dow Jones Industrial Average advanced 0.42 per cent to 16,675.50.

The dollar was at 101.98 yen early Wednesday compared with 101.96 yen in New York Tuesday afternoon.

The euro bought US$1.3629 and 138.99 yen against US$1.3634 and 139.03 yen.

Shares in Japan's biggest real estate developer Mitsui Fudosan opened down 6.0 per cent at 3,140 yen on dilution fears.

The firm announced after the market close on Tuesday that it would raise about $3.2 billion in a new share sale as the property market rebounds before the 2020 Tokyo Olympics.