Business News
Strong yen drives Nikkei down to four-month low (Roundup)
Nov 26, 2009, 6:12 GMT
Tokyo - Shares in Japan lost ground Thursday, with worries about the strong yen and the lagging recovery of Japan's economy driving the key Nikkei index to a four-month closing low.
The benchmark Nikkei 225 Stock Average dropped 58.4 points, or 0.62 per cent to close at 9,383.24, as the dollar fell to a 14-year low against the yen.
A strong yen puts pressure on Japanese exporters, as it negatively affects their competitiveness abroad and reduces overseas earnings.
The broader-based Topix index of all first-section issues fell 3.73 points, or 0.45 per cent, to close at 829.56.
On currency markets at noon (0300 GMT), the dollar traded at 87.19-22 yen, down from Wednesday's 5 pm quote of 88.35-36 yen.
The euro traded at 1.5112-15 dollars, up from 1.5001-02 dollars late Wednesday, and at 131.77-82 yen, down from 132.54-58 yen.
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