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Japan Stocks Down on Profit-Taking, US Economic Concerns.

Tokyo, Rajab 21, 1432, Jun 23, 2011, SPA -- Japanese shares declined Thursday as investors sold stocks to lock in quick profits after recent gains and as concerns about the US economy grew, as dpa reported.

The benchmark Nikkei 225 Stock Average lost 32.69 points, or 0.34 per cent, to close at 9,596.74 after a 1.79-per-cent rise on Wednesday. The broader-based Topix index was down 3.48 points, or 0.42 per cent, at 825.51.

The Dow Jones Industrial Average fell 0.66 per cent after the Federal Reserve downgraded its forecast for US economic growth for 2011 to 2.7-2.9 per cent, down from an April projection of 3.1-3.3 per cent. Japan is a major exporter to the United States.

In Tokyo, on currency markets at 3 pm (0600 GMT), the dollar traded at 80.37-42 yen, up from Wednesday's 5 pm quote of 80.20-22 yen.

The euro traded at 1.4294-4298 dollars, down from 1.4400-4402 dollars Wednesday, and at 114.89-94 yen, down from 115.49-53 yen.

--SPA 11:21 LOCAL TIME 08:21 GMT

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Publication:Saudi Press Agency (SPA)
Date:Jun 23, 2011
Words:202
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