Tokyo stocks edge downBy DPA, IANS
Sunday, October 31, 2010
TOKYO - Tokyo shares inched down in Monday morning trading, dragged down by bank shares and the yen’s appreciation hurting investor sentiment.
The benchmark Nikkei 225 Stock Average lost 16.41 points, or 0.18 percent, to trade at 9,186.04 while the broader Topix index was down 6.06 points, or 0.75 percent, at 804.85.
Mitsubishi UFJ Financial Group Inc was down 1.87 percent while Mizuho Financial Group Inc lost 1.71 percent.
The yen hit a fresh 15-year-high of 80.21 yen to the dollar in Wellington Monday morning, edging closer to its all-time high. The Japanese currency marked its all-time high of 79.75 yen to the dollar in Tokyo April 19, 1995.
A stronger yen has a negative impact on Japanese exporters, a driving force for the nation’s economy, as it makes their goods less competitive abroad and erodes overseas earnings when the revenues are repatriated.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 80.45-48 yen, down from Friday’s 5 p.m. quoted of 80.67-68 yen.
The euro traded at $1.3968-3969, up from $1.3858-3859 Friday, and at 112.36-40 yen, up from 111.79-83 yen.