Tokyo shares mixed on yen’s ups and downs, US gains
By DPA, IANSThursday, October 21, 2010
TOKYO - Tokyo stocks were mixed in morning trading Thursday after overnight gains on Wall Street and fluctuations in the yen.
The benchmark Nikkei 225 Stock Average gained 18.91 points, or 0.2 percent, to trade at 9,400.51 while the broader Topix index was down 3.05 points, or 0.37 percent, at 820.64.
An initially stronger yen dragged down shares, but after The Wall Street Journal published an interview with US Treasury Secretary Timothy Geithner, who said major currencies “are roughly in alignment now”, suggesting that the dollar would not need to sink further, the yen fell against the dollar, prompting the Nikkei to rebound.
A weaker yen makes Japanese exports more competitive and improves overseas profits when the revenues are repatriated.
On currency markets at 11 a.m. (0200 GMT), the dollar traded at 81.27-30 yen, up from Wednesday’s 5 p.m. quote of 81.20-22 yen.
The euro traded at $1.3907-3910, up from $1.3812-3813 Wednesday, and at 113.04-08 yen, up from 112.16-20 yen.
