Tokyo stocks close lower on losses at Japanese banks

Business Materials 1 February 2008 10:50 (UTC +04:00)

(dpa) - Tokyo stocks closed slightly lower Friday following subprime-loan-related losses reported by major Japanese banks.

The Nikkei 225 Stock Average lost 95.31 points, or 0.7 per cent, to end at 13,497.16.

The broader Topix index of all first-section issues was also down 9.45 points, or 0.7 per cent, at 1,336.86.

Japan's two mega banking groups, Mizuho Financial Group Inc and Mitsubishi UFJ Financial Group Inc, on Thursday reported profit declines and combined losses of 3.74 billion dollars in the three months through December from the US subprime mortgage investments.

For the week, the Nikkei declined 0.97 per cent, and the Topix also went down 0.59 per cent.

On currency markets at midday (0300 GMT), the dollar was quoted at 106.40-43 yen, down from Thursday's 5 pm quote of 106.61-64 yen.

The euro was quoted at 1.4868-73 dollars, up from Thursday's 5 pm quote of 1.4857-59 dollars, and at 158.18-23 yen, down from 158.41-45 yen.