Business News
Tokyo stocks down on strong yen
Jul 9, 2009, 2:34 GMT
Tokyo - Tokyo stocks expanded their losses into a seventh day Thursday as investors sold export-oriented issues on a stronger yen.
The key Nikkei 225 Stock Average lost 49.67 points, or 0.53 per cent, in morning trading to 9,371.08.
The broader-based Topix index was also down 8.79 points, or 1 per cent, at 879.75.
On currency markets at 9 am (0000 GMT), the dollar traded at 92.68-73 yen, down from Wednesday's 5 pm quote of 94.25-28 yen. A stronger yen reduces Japanese firms' overseas earnings and makes their products more expensive abroad.
The euro traded at 1.3860-65 dollars, down from late Wednesday's quote of 1.3887-90 dollars, and at 128.50-55 yen, down from 130.91-95 yen.
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