Japanese stocks mixed on European debt woes
By DPA, IANSMonday, January 10, 2011
TOKYO - Japanese shares were mixed in Tuesday morning trading on concerns that the eurozone’s debt crisis might worsen while investors were still optimistic about a global economic recovery, traders said.
The benchmark Nikkei 225 Stock Average lost 24.07 points, or 0.23 percent, to trade at 10,526.97 while the broader Topix index was up 0.36 points, or 0.04 percent, at 926.78.
The Nikkei fell for the first time in three days amid growing concern that debt-ridden Portugal would have to seek a bailout.
Export-oriented shares dropped as the yen rose against the dollar and the euro. 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 82.96-98 yen, down from Friday’s 5 p.m. quote of 83.47-48 yen.
The Tokyo market was closed Monday for a national holiday.
The euro traded at 1.2950-2952 dollars, down from 1.2985-2986 dollars Friday, and at 107.40-44 yen, down from 108.39-43 yen.
