Japanese stocks down on Wall Street losses, stronger yen
Japanese shares declined in Thursday morning trading following an overnight fall on Wall Street as a stronger yen hurt investor sentiment, dpa reported.
The benchmark Nikkei 225 Stock Average lost 63.53 points, or 0.69 per cent, to trade at 9,215.3 while the broader Topix index was down 4.39 points, or 0.53 per cent, at 824.96.
Export-oriented shares were dragged down by a stronger yen. A stronger yen makes Japanese exports less competitive and erodes overseas earnings when the revenues are repatriated.
US stocks slid Wednesday after Federal Reserve Chairman Ben S Bernanke said before the US Senate Banking Committee that the US economy was continuing to expand moderately, but concerns remained about employment and housing.
On currency markets at 9 am (0000 GMT), the dollar traded at 86.85-86 yen, down from Wednesday's 5 pm quote of 87.15-16 yen.
The euro traded at 1.2760-2761 dollars, down from 1.2886-2888 dollars Wednesday, and at 110.81-84 yen, down from 112.30-34 yen.