Japanese stocks fell Friday on concerns about further climbs in the yen and after a worse-than-expected drop in European manufacturing, dpa reported. The benchmark Nikkei 225 Stock Average fell 99.36 points, or 0.98 per cent, to trade at 10,027.72 at the end of the morning session at 11:30 am (0230 GMT). The broader Topix index was down 7.64 points, or 0.89 per cent, at 854.43. Shares in financial and insurance companies and exporters were among the biggest losers. The yen has risen in the past several days. The strength of the currency has taken bites out of corporate earnings in Japan because it makes Japanese goods more expensive overseas and lowers repatriated earnings. In Europe, a key eurozone survey found that manufacturing had contracted in March for the second-straight month, adding to signs that the 17-member currency bloc had slumped into recession. Another report this week showed Chinese factory activity had also shrank. Other news taking a toll on the stocks was a raid Friday by Japanese securities regulators on offices of AIJ Investment Advisors Co over billions of dollars in pension funds that are allegedly missing. The regulators suspected that the Tokyo company violated financial laws by falsifying reports on its investment performance to corporate pension fund clients. On currency markets at 11:30 am in Tokyo, the dollar traded at 82.89-92 6 yen, down from Thursday's 5 pm quote of 83.26-27 yen. The euro was quoted at 109.40-42 yen, also down from 110.09-13 yen late Thursday, and at 1.3189-99 dollars, down from 1.3222-24 dollars.
