Tokyo stocks open 0.28% lower

TOKYO (AFP) - Tokyo stocks opened 0.28 per cent lower on Wednesday after surging the previous day in reaction to Wall Street hitting a record close.

The Nikkei 225 index, which climbed 1.95 per cent Tuesday, gave up 39.84 points to 14,385.60 at the start.

The Dow and S&P 500 Tuesday edged to record closing highs for the second day in a row even as the Nasdaq fell on concerns technology stocks are overvalued.

The Dow Jones Industrial Average advanced 0.12 per cent to 16,715.44, while the S&P 500 added 0.04 per cent to 1,897.45 after breaching 1,900 for the first time.

The tech-rich Nasdaq Composite Index dropped 0.33 per cent to 4,130.17.

The dollar was stable against the Japanese currency in Asia, trading at 102.22 yen against 102.26 yen in New York Tuesday afternoon.

The euro remained weak after briefly falling below the US$1.37 level for the first time since late February on a drop in German investor confidence.

A survey released Tuesday showed investment sentiment in Germany fell to the lowest level for nearly 18 months in May amid concern that growth in Europe's top economy is set to lose momentum.

The common European currency was at US$1.3703 early Wednesday against US$1.3701 in US trade.

Against the Japanese unit, the euro was at 140.07 yen against 140.12 yen.