Stronger yen drags down Tokyo stocks more than 2 per cent
( dpa ) - Stocks lost more than 2 per cent in Tokyo Thursday as the US dollar hit the 100-yen level for the first time in more than 12 years.
As a stronger yen hurts earnings of Japanese firms operating abroad, investors dumped mainly export-oriented issues.
The Nikkei 225 Stock Average dropped 261.08 points, or 2.03 per cent, to 12,600.05.
The broader Topix index of all first-section issues also lost 27.97 points, or 2.23 per cent, to 1,227.16.
On currency markets at 9 am (0000 GMT), the dollar was quoted at 101.46-51 yen, down from Wednesday's 5 pm quote of 103.07-09 yen. At one point in trading, the dollar fell to the 100-yen level.
The euro was quoted at 1.5536-41 dollars, down from Wednesday's 5 pm quote of 1.5371-73 dollars, and at 157.69-74 yen, down from 158.43-47 yen.