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Tokyo stocks lower after US plan to shore up mortgage firms (Roundup)
Jul 14, 2008, 6:54 GMT
Tokyo - Tokyo stocks gave up early gains to end Monday trading lower as investors waited to gauge reactions to US plans to bail out stricken mortgage lenders.
The Nikkei 225 Stock Average dipped 29.53 points, or 0.23 per cent, to close at 13,010.16.
The broader Topix index of all first-section issues was also down 5.19 points, or 0.4 per cent, to 1,280.72.
The Tokyo market ended morning trading higher after the US central bank announced measures to shore up the nation's struggling home mortgage market by providing support for troubled firms Freddie Mac and Fannie Mae.
But the market failed to sustain the gains as investors waited for Wall Street's reaction.
On currency markets at midday (0300 GMT), the dollar was quoted at 106.41-46 yen, down from Friday's 5 pm quote of 107.20-21 yen.
The euro was quoted at 1.5909-14 dollars, up from Friday's 5 pm quote of 1.5779-80 dollars, and at 169.32-37 yen, up from 169.16-20 yen.
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