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Japan stocks drop on stronger yen, end year in red
Published in Saudi Press Agency on 30 - 12 - 2010


Japanese stocks fell Thursday as the yen reached a
seven-week high against the dollar. They closed out 2010 with losses
with the benchmark Nikkei 225 Stock Average dropping 3 per cent, according to dpa.
The Nikkei dipped 115.62 points, or 1.12 per cent, during the
final trading day of the year to close at 10,228.92. The broader
Topix index was down 9.21 points, or 1.01 per cent, at 898.8.
All 33 industries listed on the Tokyo market dropped, but the
biggest losers of the day were exporters.
A stronger yen makes their goods less competitive abroad and
erodes their overseas earnings when they are repatriated.
The rapid rise in the yen would continue to weigh on Japanese
stocks in the New Year, analysts warned.
Thursday's drop was the biggest of the month and ended the year on
a down note as the Nikkei dropped 3 per cent and the Topix 1 per
cent. The losses compared with gains in 2009 of 19 per cent in the
Nikkei and 5.6 per cent in the Topix.
For the week, the Nikkei dropped 0.5 per cent and the Topix 0.3
per cent.
On currency markets at 3 pm (0600 GMT), the dollar traded at
81.45-48 yen, down from Wednesday's 5 pm quote of 82.05-07 yen.
The euro traded at 1.3234-37 dollars, up from 1.3140-42 dollars
late Wednesday, and at 107.79-82 yen, down from 107.82-86 yen.


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