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Tokyo stocks open lower on US market's fall, stronger yen

Business Materials 22 May 2008 07:46 (UTC +04:00)

Tokyo stocks opened lower Thursday on Wall Street's overnight losses and a stronger yen, dpa reported.

The Nikkei 225 Stock Average lost 164.03 points, or 1.18 per cent, to 13,762.27.

The broader Topix index of all first-section issues was also down 12.21 points, or 0.89 per cent, at 1,357.88.

While soaring oil prices also prompted concerns over global inflation, investors dumped export-oriented issues due to a stronger yen.

On currency markets in Tokyo at 9 am (0000 GMT), the dollar was quoted at 103.04-09 yen, down from Wednesday's 5 pm quote of 103.31-33 yen. A stronger yen hurts Japanese firms' earnings and makes Japanese products cheaper abroad.

The euro was quoted at 1.5778-83 dollars, up from Wednesday's 5 pm quote of 1.5642-44 dollars, and at 162.61-66 yen, up from 161.60-64 yen.

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