Japanese stocks drops on Wall Street losses, stronger yen
Japanese shares declined more than 1 per cent in Monday morning trading following a fall on Wall Street as export-oriented were dragged down by a stronger yen, dpa reported.
The Nikkei 225 Stock Average lost 106.89 points, or 1.11 per cent, to trade at 9535.23 while the broader Topix index was down 7.09 points, or 0.82 per cent, at 854.08.
On Friday, US stocks fell as weaker-than-expected job data released on that day hurt investor sentiment.
On currency markets at 9 am (0000 GMT), the dollar traded at 85.34-37 yen, down from Friday's 5 pm quotes of 86.09-11 yen in Tokyo.
The euro traded at 1.3282-3283 dollars, up from 1.3196-3198 dollars Friday, and at 113.35-39 yen, down from 113.61-65 yen.
A stronger yen makes Japanese exports less competitive and erodes overseas earnings when the revenues are repatriated.