Japanese stocks down on stronger yen, profit-taking
By DPA, IANSThursday, January 13, 2011
TOKYO - Japanese shares declined in Friday morning trading as exporters were dragged down by the yen’s rise against the dollar and investors sold shares to lock in profits from recent gains.
The benchmark Nikkei 225 Stock Average lost 30.83 points, or 0.29 percent, to trade at 10,558.93 after it hit an eight-month high Thursday as concerns about the European debt crises eased.
The broader Topix index was down 0.84 points, or 0.09 percent, at 936.9.
The fall followed overnight losses on Wall Street. US stocks fell slightly as government figures showed weekly claims for jobless benefits rose more than expected. New jobless claims climbed to a three-month high of 445,000, the US Labour Department said.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 82.75-79 yen, down from Thursday’s 5 p.m. quote of 83.00-01 yen.
The euro traded at $1.3351-3352, up from $1.3130-3131
Thursday, and at 110.49-53 yen, up from 108.98-109.02 yen.
A stronger yen makes Japanese goods more expensive abroad and hurts overseas profits when the revenues are repatriated.
