Tokyo Stocks Decline
TOKYO (AP) _ Tokyo stocks declined in early trading Wednesday following a retreat on Wall Street. The dollar was lower against the yen.
The benchmark 225-issue Nikkei Stock Average fell 102.25 points, or 0.91 percent, to 11,087.15 at the open. On Tuesday, the average closed down 85.61 points, or 0.76 percent.
The dollar bought 119.96 in early trading, down 0.48 yen from its late Tuesday in Tokyo and also below its late New York level of 120.15 yen.
On the stock market, the Nikkei index slipped after U.S. stock prices finished sharply lower on Tuesday following the release of a report by the Conference Board, a private research group, showing slumping consumer confidence.
In New York, the Dow Jones industrial average lost 160.32 points to 10,222.03 at Tuesday’s close. The Nasdaq composite index closed at 1,864.98, down 47.43.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 11.98 points, or 1.04 percent, to 1,138.27. The TOPIX closed down 4.92 points, or 0.43 percent, the day before.
In currency dealings, the dollar followed its overnight weakness in New York amid investor concern over the U.S. economy.
In other currencies, the euro was traded at 109.48 yen, up from 108.86 yen late Tuesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond stood at 1.3850 percent, unchanged from Tuesday’s finish. Its price remained unchanged at 100.13.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp