Japanese shares decline on unrest in Libya, US stock fall
By DPA, IANSWednesday, February 23, 2011
TOKYO - Japanese stocks declined in Thursday morning trading after intensifying turmoil in Libya added to higher oil prices overnight in New York, prompting US stocks to slip further.
The benchmark Nikkei 225 Stock Average lost 44.55 points, or 0.42 percent, to trade at 10,534.55 while the broader Topix index was down 4.62 points, or 0.49 percent, at 942.26.
Tokyo stocks opened lower after the Dow Jones Industrial Average fell 0.88 percent.
Export-oriented issues were dragged down by the yen’s advance. The yen fell against major currencies, hovering around the lower-82-yen range to the dollar. A stronger yen makes Japanese goods more expensive abroad and erodes repatriated earnings.
On currency markets at 11 a.m. (0200 GMT), the dollar traded at 82.22-24 yen, down from Wednesday’s 5 p.m. quote of 82.71-72 yen.
The euro traded at $1.3769-3772, up from $1.3719-3720 Wednesday, and at 113.22-26 yen, down from 113.47-51 yen.
