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Japan stocks down on strong yen
Published in Saudi Press Agency on 22 - 05 - 2009


Japanese stocks fell Friday with exporters
under pressure on the back of a strong yen, and sentiment
weak amid concerns about a possible downgrade of British
government debt that sent Wall Street lower, AP reported.
The benchmark Nikkei 225 stock average lost 38.34 points,
or 0.4 percent, to 9,225.81. The broader Topix index
declined 0.6 percent to 875.88.
«Investors sold export-linked shares due to a sharp rise
in the yen. Sentiment was already sluggish following
overnight losses on Wall Street, and the yen factor added
more pressure on the market,» said Yutaka Miura, senior
analyst Mizuho Securities Co. Ltd.
The yen stood at 94.24 to the dollar in Tokyo Friday
afternoon. A strong yen hurts Japanese exporters as it
erodes their dollar income from abroad.
Investors were also jittery after credit ratings firm
Standard & Poor's said Thursday it has revised Britain's
outlook to negative from stable.
The negative outlook means Britain's credit rating may be
downgraded if its public finances do not improve and
suggests other big economies could face similar warnings.
Toyota Motor Corp. fell 2.2 percent to 3,570 yen. But
Honda Motor Co. rose 2.5 percent to 2,710 yen.
Panasonic Corp. slipped 0.6 percent to 1,324 yen. Sony
Corp. shed 2.0 percent to 2,450 yen. Japan's top chipmaker
Toshiba Corp. was also down 1.2 percent at 338 yen.
In currencies, the euro stood at $1.3916 from $1.3929.


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