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A currency trader watches computer monitors near the screens showing the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Friday, Jan. 29, 2021.Lee Jin-man/The Associated Press

Tokyo stocks were lower Friday morning, tracking declines in U.S. stock futures as investors grew cautious about further overheated speculative trading on Wall Street later in the day.

The 225-issue Nikkei Stock Average fell 51.79 points, or 0.18 per cent, from Thursday to 28,145.63. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 1.25 points, or 0.07 per cent, at 1,837.60.

Decliners were led by air transportation, electric power and gas and machinery issues.

The U.S. dollar rose to around the mid-104 yen line, its highest level in about two months, as the safe-haven U.S. dollar was bought after losses in U.S. stock futures.

At noon, the dollar fetched 104.50-51 yen compared with 104.20-30 yen in New York and 104.30-32 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.2104-2104 and 126.47-54 yen against $1.2116-2126 and 126.33-43 yen in New York and $1.2093-2095 and 126.13-17 yen in Tokyo late Thursday afternoon.

After opening higher, share prices were weighed down by a fall in U.S. stock futures due to concerns about the possibility of another round of frenzied trading on Wall Street.

Such trading was sparked Wednesday by speculative buying in stocks of firms with poor business performances by individual investors.

“Stocks of companies that reported positive earnings were bought in Tokyo on Friday, but investors remained cautious after seeing the plunge in New York on Wednesday,” said Makoto Sengoku, a market analyst at the Tokai Tokyo Research Institute.

On the TSE’s First Section, declining issues outnumbered advancers 1,157 to 923, while 106 ended the morning unchanged.

Toshiba gained 5 yen, or 0.1 per cent, to 3,435 yen on the first day of its return on the First Section. The Japanese electronics and infrastructure conglomerate was demoted to the Second Section in 2017 following massive losses at its bankrupt U.S. nuclear unit.

Nissan Motor skidded 18.20 yen, or 3.3 per cent, to 533.80 yen and Mitsubishi Motors sank 11 yen, or 4.3 per cent, to 242 yen, a day after both auto makers said their sales dropped in 2020.

Bucking the downward trend, chip equipment maker Screen Holdings rose 40 yen, or 0.5 per cent, to 8,230 yen a day after the company upgraded its earnings forecast for the year through March partly on recovery in auto markets.