Tokyo Stocks Fall 75 Points
TOKYO (AP) _ The dollar slipped against the yen early Wednesday on concern the U.S. economy will slow sharply. Tokyo stocks fell moderately.
The dollar bought 115.66 yen, down 0.88 yen from late Tuesday in Tokyo and below its late New York level of 115.85 yen overnight.
The benchmark 225-issue Nikkei Stock Average lost 74.82 points, or 0.54 percent, to 13,751.83 points in the first one hour of trading. On Tuesday, the average closed down 18.63 points, or 0.13 percent.
In currency dealings, the dollar weakened in New York on Tuesday after a report by the New York-based Conference Board _ an independent, nonprofit business research organization _ that consumer confidence fell sharply in January to its lowest level in four years.
The report fueled worries of a hard landing by the U.S. economy, pushing the greenback lower in Tokyo on Wednesday.
Still, most currency traders held back ahead of the scheduled conclusion Wednesday of the U.S. Federal Reserve Open Market Committee meeting on that country’s interest rates.
In other currencies, the euro was traded at 107.28 yen, up from 106.96 yen late Tuesday in Tokyo.
On the stock market, the Nikkei index fell led by technology and banking issues.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 6.56 points, or 0.51 percent, to 1,291.98 early Wednesday. The TOPIX closed up 0.31 points, or 0.02 percent, the day before.
In New York, the Dow Jones industrial average rose 179.01 points to 10,881.20 at Tuesday’s close. The Nasdaq composite index closed at 2,838.35, up 0.01.
The yield on the benchmark 10-year Japanese government bond stood at 1.5200 percent, unchanged from Tuesday’s finish. Its price remained unchanged at 100.69.
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Tokyo Stock Exchange: http://www.tse.or.jp