Japan stocks drop on stronger yen
By DPA, IANSWednesday, December 29, 2010
TOKYO - Japanese shares were down in Thursday morning trading, as the yen reached a seven-week high against the dollar.
The benchmark Nikkei Stock Average lost 128.73 points, or 1.24 percent, to trade at 10,215.81 while the broader Topix index was down 9.90 points or 1.09 percent to 898.11.
A stronger yen makes Japanese products less competitive overseas and erodes earnings when they are repatriated.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 81.61-64 yen, down from Wednesday’s 5 pm quote of 82.05-07 yen.
The euro traded at $1.3222-26, up from $1.3140-42, and at 107.91-97 yen, up from 107.82-86 yen.
YOUR VIEW POINT
