Business News
Japanese stocks edge down on stronger yen and profit-taking (Roundup)
Mar 16, 2010, 7:40 GMT
Tokyo - Stocks in Tokyo inched down Tuesday on a stronger yen while investors sold shares to lock in profits.
The benchmark Nikkei 225 Stock Average lost 30.27 points, or 0.28 per cent, to close at 10,721.71 while the broader Topix index was down 0.81 points, or 0.09 per cent, to end the day at 938.10.
Some export-oriented shares were dragged down by a stronger yen, which reached a little above 90 yen to the US dollar.
Investors remained cautious, awaiting policy decisions by the US Federal Reserve and Bank of Japan. The Bank of Japan's two-day meeting started Tuesday and the Fed's one-day meeting was to be held the same day.
On currency markets at 3 pm (0600 GMT), the dollar traded at 90.08-11 yen, down from Monday's 5 pm quote of 90.71-74 yen.
The euro traded at 1.3692-3695 dollars, down from 1.3736-3739 dollars Monday, and at 123.36-40 yen, down from 124.62-66 yen.
Japanese exporters are a driving force for the world's second largest economy. A stronger yen makes exports less competitive and erodes their overseas earnings when the revenues are repatriated.
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