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Japan stocks fall more than 1 per cent on strong yen
Published in Saudi Press Agency on 18 - 08 - 2011


Japanese shares dropped more than 1 per cent
Thursday as export-oriented issues were pulled down by a strong yen, according to dpa.
The benchmark Nikkei 225 Stock Average lost 113.5 points, or 1.25
per cent, to close at 8,943.76 while the broader-based Topix index
was down 9.34 points, or 1.2 per cent, at 767.31.
The yen's rise hurt major exporters such as Toyota Motor Corp,
Canon Inc and Sony Corp as the Japanese currency was still valued in
the mid-76-yen level to the dollar. Toyota fell 1.68 per cent, Canon
declined 1.53 per cent and Sony dropped 2.43 per cent.
A stronger yen makes Japanese goods more expensive overseas and
erodes repatriated earnings.
Japan's exports fell 3.3 per cent in July from the same month a
year ago to 5.78 trillion yen (75.5 billion dollars) for the
fifth-consecutive monthly decrease in the aftermath of the March 11
tsunami and earthquake, the Finance Ministry said in a preliminary
report.
The fall in exports was led by declines in shipments of cars,
semiconductors and ships while imports rose 9.9 per cent to 5.71
trillion yen, the ministry said.
On currency markets at 3 pm (0600 GMT), the dollar traded at
76.65-67 yen, up slightly from Wednesday's 5 pm quote of 76.59-61
yen.
The euro traded at 1.4411-4412 dollars, up from 1.4389-4391
dollars Wednesday, and at 110.45-48 yen, up from 110.21-25 yen.


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