Tokyo Stocks Lower, Dollar Stronger
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TOKYO (AP) _ Tokyo stocks were lower at the close of Friday morning trading, following the deteriorating sentiment among market players in the United States. The dollar advanced against the yen.
The benchmark 225-issue Nikkei Stock Average closed morning trading down 153.01 points, or 1.58 percent, at 9,516.61 points Friday. The Nikkei advanced 197.56 points, or 2.09 percent, at 9,669.62 points Thursday.
The dollar was trading at 122.07 yen on the Tokyo foreign exchange market at 11 a.m. Friday, up 0.39 yen from late Thursday, and above its New York trading level late Thursday of 121.42 yen.
In New York, another spate of bad economic news, brokerage downgrades and profit declines in the United States further demoralized investors Thursday, sending the Dow Jones industrials down 230 points and to their first close below 8,000 in nearly two months.
The Dow closed down 230.06, or 2.8 percent, at 7,942.39. The broader Nasdaq composite index fell 35.68, or 2.9 percent, to 1,216.45.
Traders said hopes that a proposal by the Bank of Japan to purchase third-party shares from banks to aid the disposal of non-performing loans and cross shareholdings would prevent excessive falls in Tokyo Friday.
The broader Tokyo Stock Price Index closed the morning down 11.32 points, or 1.20 percent, at 931.84 Friday. The TOPIX closed up 15.37 points, or 1.66 percent, at 943.16 Thursday.
Morning losers included major automakers Toyota, Honda, and Mitsubishi.
The euro traded at 120.35 late Friday morning, up from 119.19 yen late Thursday, in Tokyo. Against the dollar, the euro was quoted at 98.61 cents, up from 98.01.
The yield on the benchmark 10-year government bond was at 1.2100 percent, up from 1.1800 percent Thursday. Its price was down 0.27 to 100.80.
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