Yen's continued strength sends Tokyo market lower - Summary
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Fri, 10 Jul 2009 06:35:38 GMT |
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Tokyo - The Tokyo market saw its eighth-straight day of losses Friday as the yen's strength sent exporters' stocks down. The Nikkei 225 Stock Average edged down 3.78 points, or 0.04 per cent, to close at 9,287.28. The broader-based Topix index was also down 1.41 points, or 0.16 per cent, at 872.5. For the week, the Nikkei fell 5.39 per cent, and the Topix declined 5.23 per cent. On currency markets at midday (0300 GMT), the dollar traded at 92.85-90 yen, down from Thursday's 5 pm quote of 93.34-37 yen. A stronger yen reduces Japanese firms' overseas earnings and makes their products more expensive abroad. The euro traded at 1.3970-75 dollars, up from late Thursday's quote of 1.3960-63 dollars, and at 129.75-80 yen, down from 130.33-37 yen.
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