Tokyo stocks end lower on US economic concerns

Business Materials 26 November 2008 10:34 (UTC +04:00)

Tokyo stocks closed lower Wednesday on renewed concerns about the economy of the United States, a major export market for Japan, reported dpa.

The Nikkei 225 Stock Average fell 110.71 points, or 1.33 per cent, to close at 8,213.22. The index gained more than 5 per cent Tuesday after the US government announced a bail-out plan for the struggling Citigroup Inc.

The broader Topix index of all first-section issues was also down 14.36 points, or 1.73 per cent, at 817.22.

Stocks fell after worries about the strength of the US economy overshadowed announcements by the US central bank and Treasury Department about two new programmes that would pump an additional 800 billion dollars into the struggling economy and unfreeze credit for consumers and small businesses.

On currency markets at midday (0300 GMT), the dollar was quoted at 95.06-11 yen, down from Tuesday's 5 pm quote of 96.57-59 yen.

The euro was quoted at 1.2995-3000 dollars, up from Tuesday's 5 pm quote of 1.2874-75 dollars, and at 123.58-63 yen, down from 124.33-37 yen.