Tokyo Stocks Fall Sharply
TOKYO (AP) _ Tokyo stocks tumbled Thursday morning amid fears about an economic slowdown in the United States and Japan. The dollar was higher against the yen.
The benchmark 225-issue Nikkei Stock Average shed 267.86 points, or 1.93 percent, to 13,646.57 points at the end of morning trading. On Wednesday, the average closed down 217.94 points, or 1.54 percent.
The dollar bought 112.94 yen in late morning, up 0.08 yen from late Wednesday in Tokyo and also above its late New York level of 112.77 yen overnight.
On the stock market, share prices dropped almost across the board from the beginning of Thursday’s trading after U.S. high-tech shares and blue chips plunged Wednesday in New York, disappointed by the Federal Reserve’s decision to leave interest rates unchanged and scared by the prospects of a U.S. economic downturn.
In New York, the Dow Jones industrial average lost 265.44 points to 10,318.93 at Wednesday’s close. The Nasdaq composite index closed at 2,332.78, down 178.93.
The broader Tokyo Stock Price Index of all issues listed on the first section was down 31.39 points, or 2.43 percent, to 1,257.92. The TOPIX closed down 25.32 points, or 1.93 percent, the day before.
In currency dealings, the dollar held onto its strength against the yen amid lingering concerns about a slowing in Japan’s economy.
A recent Japanese government report showed export growth _ a driving force of Japan’s economy _ slowed in November, reflecting weaker growth and declining demand in the United States and the rest of Asia.
In other currencies, the euro was traded at 102.68 yen, up from 101.28 yen late Wednesday in Tokyo.
The yield on the benchmark 10-year Japanese government bond fell to 1.5350 percent from Wednesday’s finish of 1.5750 percent. Its price rose 0.35 point to 102.29.
On the Net:
Tokyo Stock Exchange: http://www.tse.or.jp