Tokyo Stocks Down 236 Points
Sep. 18, 2002
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TOKYO (AP) _ Tokyo stocks were lower at the close of morning trading Wednesday, following the fall in New York. The dollar weakened against the yen.
The benchmark 225-issue Nikkei Stock Average was down 236.13 points, or 2.47 percent, at 9,307.81 points at the close of the morning session Wednesday. The Nikkei gained 302.01 points, or 3.27 percent, to close at 9,543.94 Tuesday.
The dollar was trading at 122.14 yen on the Tokyo foreign exchange market at 11 a.m. (0200 GMT) Wednesday, down 0.77 yen from late Tuesday, and below its New York trading level late Tuesday of 122.36 yen.
Traders said that selling in New York would lead to profit-taking in Tokyo, but that the downslide would be limited by expectations of a government economic stimulus package likely to be announced later this week.
In New York, a drop in industrial production and a profit warning from McDonald's Tuesday took a jab at investors' already shaky confidence in the U.S. economy, prompting them to again sell off stocks.
The Dow Jones industrial average closed down 172.63, or 2.1 percent, at 8,207.55. The broader Nasdaq composite index declined 15.94, or 1.3 percent, to 1,259.94.
The broader Tokyo Stock Price Index closed morning trading down by 19.69 points, or 2.11 percent, at 912.73 Wednesday. The TOPIX was up 24.01 points, or 2.64 percent, at 932.42 Tuesday.
Morning losers included electronics manufacturers Toshiba, Sony, and Sharp, and banks UFJ and Mitsubishi Tokyo Financial Group.
The euro traded at 118.82 late Wednesday morning, up from 118.76 yen late Tuesday, in Tokyo. Against the dollar, the euro was quoted at 97.27 cents, up from 96.41.
The yield on the benchmark 10-year government bond was at 1.0450 percent Wednesday, down from 1.0550 percent Tuesday. Its price was up 0.09 to 102.30.
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