Tokyo stocks lose more than 2 per cent on US economic concerns

Business Materials 1 August 2008 08:13 (UTC +04:00)

Stocks lost more than 2 per cent in Tokyo Friday as concerns over the US economy grew stronger among the market players, dpa reported.

The Nikkei 225 Stock Average tumbled 295.88 points, or 2.21 per cent, to 13,080.93.

The broader Topix index of all first-section issues also fell 31.67 points, or 2.43 per cent, to 1,271.95.

The Tokyo players grew increasingly worried after US government data showed the nation's economy grew an annualized real 1.9 per cent in the April-June quarter, which was lower than an average market expectation of a 2.1-per-cent growth.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 107.73-78, down from Thursday's 5 pm quote of 108.11-14 yen.

The euro was quoted at 1.5582-87 dollars, down from Thursday's 5 pm quote of 1.5615-18 dollars, and at 167.87-92 yen, down from 168.85-89 yen.