Tokyo shares down on stronger yen
By DPA, IANSSunday, October 24, 2010
TOKYO - Tokyo stocks fell in Monday morning trading as a stronger yen weighed on the market after a meeting of the Group of 20 (G20) finance ministers had little impact on currency markets.
The benchmark Nikkei 225 Stock Average lost 26.91 points, or 0.29 percent, to trade at 9,399.8 while the broader Topix index was down 4.07 points, or 0.49 percent, at 820.81.
Investors were disappointed as the Japanese currency remains strong even after the two-day meeting of the G20 finance ministers in South Korea, Friday and Saturday.
A stronger yen makes Japanese exports less competitive and erodes overseas earnings when the revenues are repatriated.
On currency markets at 11 a.m. (0200 GMT), the dollar traded at 81.07-10 yen, down from Friday’s 5 p.m. quote of 81.16-17 yen.
The euro traded at $1.4018-4023, up from $1.3901-3903 Friday, and at 113.66-70 yen, up from 112.82-86 yen.
