Tokyo Stocks Close Morning Down
Jan. 08, 2003
TOKYO (AP) _ Tokyo stocks slid in morning trading Wednesday as domestic news offered investors few incentives to trade. The dollar was stronger against the yen.
The benchmark 225-issue Nikkei Stock Average lost 85.15 points, or 0.98 percent, at 8,571.35 points at the end of the morning session. The Nikkei closed down 56.83 points, or 0.65 percent, at 8,656.50 points Tuesday.
The dollar bought 120.14 yen at 11 a.m. Wednesday, up 0.58 yen from late Tuesday in Tokyo, but below its level of 120.46 yen in New York.
Shares wavered in thin trading as a lack of news kept traders sidelined Wednesday morning, though overnight gains in the dollar against the yen boosted export-dependent blue chips Honda, Advantest and Sharp.
Japanese investors are usually cheered by a weaker yen, which helps make Japanese exports cheaper and more competitive abroad. It also helps Japanese corporate profits by boosting the value of revenues earned overseas when converted to yen.
The Tokyo Stock Price Index of all issues on the first section of the Tokyo Stock Exchange shed 7.30 points, or 0.85 percent, to 846.63 points Wednesday morning. The TOPIX lost 6.14 points, or 0.71 percent, to 853.93 points Tuesday.
Morning decliners included leading computer maker Fujitsu, automakers Toyota, Nissan and Mazda and consumer electronics manufacturers Sony, NEC and Toshiba.
In currencies, the dollar was stronger against the yen but many traders remained wary about a possible intervention by Japanese financial authorities after Finance Minister Masajuro Shiokawa's warning Tuesday that the yen's rise in recent weeks had gone too far.
The euro bought 125.22 yen Wednesday morning, up from 124.80 yen late Tuesday, in Tokyo. Against the dollar, the euro was at $1.0421, down from $1.0428.
The yield on the benchmark 10-year government bond was 0.8900 percent Wednesday morning down from 0.9000 percent late Tuesday. Its price was up 0.09 at 101.00.
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Tokyo Stock Exchange: http://www.tse.or.jp