Markets Are Closed in Japan for Holiday
Apr. 29, 2003
TOKYO (AP) _ Japanese financial markets are closed Tuesday for Greenery Day, a national holiday. Markets are expected to reopen Wednesday.
Tokyo stocks dropped to a new 20-year low Monday as market heavyweight Sony continued its plunge, dragging down other leading technology issues. The dollar was down against the Japanese yen.
The Nikkei Stock Average of 225 selected issues slipped 91.62 points, or 1.19 percent, to 7,607.88 points _ its lowest close since Nov. 9, 1982. The index lost 155.07 points, or 1.97 percent, to end at 7,699.50 Friday.
The dollar was quoted at 120.22 yen at 5 p.m. (4 a.m. EDT) Monday, down 0.34 yen from Friday in Tokyo and below the 120.35 yen it bought in late New York dealing before the weekend. The greenback traded between 119.85 yen and 120.38 yen in Tokyo trading.
Sony sank 500 yen, or 15.5 percent, to 2,720 yen ($22.50) as investors continued to punish the company for disappointing profits and earnings forecasts. The electronics and entertainment giant's shares have lost a quarter of their value in two days after plummeting 13 percent on Friday.
Electronics firms such as Hitachi, Toshiba and Mitsubishi Electric all finished lower. Even companies which reported good results Friday were unable to counter pressure on their sector with Kyocera and Toshiba both ending down.
Sharp beat the trend, rising 2.6 percent after reporting strong profit growth Friday.
Wall Street's fall Friday _ as New York investors sold shares on worries stocks have risen too far, too quickly _ also put a damper on the local market. The Dow Jones industrial average closed down 133.69, or 1.6 percent, at 8,306.35.
The broader Tokyo Stock Price Index was down 8.93 points, or 1.14 percent, to end at 773.10 points. The TOPIX, which includes more than 1,000 of Japan's largest and most prestigious companies, fell 12.42 points, or 1.56 percent, to 782.03 points Friday.
Volume on the first section was estimated at 759.29 million shares _ the lowest volume since March 31. Traders said activity slowed from mid-morning ahead of a national holiday Tuesday. Decliners overwhelmed advancers 933 to 463, while 115 issues ended unchanged.
In the currency market, the euro bought $1.1035 late Monday, up from $1.1014 late Friday. Against the yen, the euro traded at 132.66 yen, down from 132.68 yen.
The yield on Japan's benchmark 10-year government bond closed down at 0.6050 percent Monday from 0.6200 percent Friday. Its price rose 0.14 to 100.88 points.
Markets in Japan are closed Tuesday for Greenery Day, a national holiday.
On the Net:
Japan's Tokyo Stock Exchange: http://www.tse.or.jp