Tokyo Stocks Close Lower
TOKYO (AP) _ Tokyo share prices fell Tuesday amid lingering worries about the political and economic outlook in Japan. The U.S. dollar also declined against the yen.
The benchmark 225-issue Nikkei Stock Average closed at 14,695.05 points, down 259.68 points, or 1.74 percent from Monday. On Monday, the average closed up 119.40 points, or 0.80 percent.
The dollar bought 110.82 yen by late afternoon, down 0.22 yen from late Monday and below its late New York level of 111.11 yen overnight. The dollar ranged from 110.68 yen to 111.38 yen during the day.
Tokyo stocks failed to hold onto Monday’s gain.
The decline reflected concerns about a reshuffling in the Cabinet and the economic outlook in Japan where growth slowed in the summer quarter.
Expectations that the U.S. economy is slowing weighed on Japanese stocks as well as the dollar.
The dollar’s decline was prompted by the Conference Board’s announcement Monday that its composite index of leading economic indicators _ a key gauge of future economic activity _ fell 0.2 percent in October. Also Monday, the Commerce Department reported sales of new homes moderated in October after surging the month before.
The broader Tokyo Stock Price Index of all issues listed on the first section closed down 19.30, or 1.41 percent, at 1,366.66. The index rose 4.50 points, or 0.33 percent, on Monday.
Volume on the first section was an estimated 723.21 million shares, down from 826.99 million shares Monday. Decliners outnumbered advancers 978 to 317 while 121 shares closed unchanged.
The euro traded at 98.23 yen, up from 97.45 yen late Monday in Tokyo.
The yield on the benchmark 10-year Japanese government bond fell to 1.6000 percent from Monday’s close of 1.6400 percent. Its price rose 0.35 point to 101.72.
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Tokyo Stock Exchange: http://www.tse.or.jp