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Japanese stocks plummet on yen, Dubai worries - Summary

Tokyo - Stocks in Tokyo fell in Friday due to the yen further strengthening against the dollar and concerns over the financial crisis in the Gulf emirate Dubai affecting international markets. The benchmark Nikkei 225 Stock Average index was down 301...
Posted : Fri, 27 Nov 2009 06:46:21 GMT
By : dpa
Category : Business
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Tokyo - Stocks in Tokyo fell in Friday due to the yen further strengthening against the dollar and concerns over the financial crisis in the Gulf emirate Dubai affecting international markets. The benchmark Nikkei 225 Stock Average index was down 301.71 points, or 3.22 per cent, to close at 9,081.52,while the broader-based Topix index lost 18.55 points, or 2.24 per cent, to end the week at 811.01.

For the week, the Nikkei was down 4.28 per cent, and the Topix declined by 3.3 per cent.

On currency markets at noon (0300 GMT) the dollar traded at 86.01-02 yen, down from Thursday's 5 pm quote of 86.78-79 yen.

The euro was at 1.4929-32 dollars, down from 1.5089-90 dollars the previous day and at 128.41-43 yen, down from 130.95-99 yen.

A stronger yen makes Japanese producers' products more expensive abroad and reduces their overseas earnings.

Copyright DPA

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