Business News

Japan stocks fall on Wall Street's slide, stronger yen (Roundup)

Feb 24, 2010, 6:46 GMT

Tokyo - Stocks in Tokyo declined Wednesday, after Wall Street losses overnight due a sharp drop in US consumer confidence. The benchmark Nikkei 225 Stock Average lost 153.27 points, or 1.48 per cent, to close at 10,198.83, while the broader Topix index was down 11.68 points, or 1.29 per cent, to end the day at 895.69. A stronger yen also dragged down export-oriented shares. Investors were cautious ahead of US Federal Reserve Chairman Ben Bernanke's congressional testimony Wednesday, and Toyota Motor Corp president Akio Toyoda's testimony before a House Committee on the same day in Washington. On the Tokyo Stock Exchange, Toyota shares closed down 1.5 per cent. On currency markets at 3 pm (0600 GMT), the dollar traded at 90.22-25 yen, down from Tuesday's 5 pm quote of 90.98-91.01 yen. The euro traded at 1.3546-3549 dollars, down from 1.3677-3680 dollars Tuesday, and at 122.23-26 yen, down from 124.46-50 yen. Japanese exporters are a driving force for the nation's economy. A stronger yen makes exports less competitive and erodes the overseas earnings when the revenues are repatriated.

Business News

Japan stocks fall on Wall Street's slide, stronger yen (Roundup)

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