Japanese stocks fall on stronger yen in morning trading
Apr 16, 2010, 3:31 GMT
Tokyo - Japanese stocks dropped more than 1 per cent in Friday morning trading as export-oriented issues were dragged down by a stronger yen.
The benchmark Nikkei 225 Stock Average lost 152.26 points, or 1.35 per cent, to trade at 11,121.53 while the broader Topix index was down 8.15 points, or 0.82 per cent, at 990.75.
Investors sold shares to lock in immediate gains after a recent rally.
On currency markets at 11 am (0200 GMT), the dollar traded at 92.72-74 yen, down from Thursday's 5 pm quote of 93.15-18 yen.
The euro traded at 1.3545-3550 dollars, down from 1.3592-3595 dollars Thursday, and at 125.60-64 yen, down from 126.64-68 yen.
A stronger yen makes Japanese companies' goods less competitive abroad and hurts their overseas earnings when the revenues are repatriated.