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Tokyo stocks open sharply lower on yen's strength.

TOKYO, July 26 Kyodo

Tokyo stocks opened sharply lower Friday as export-oriented firms were weighed down by the yen's advance against the U.S. dollar amid speculation that the Federal Reserve will maintain its current loose monetary policy for a long time.

At 9:15 a.m., the 225-issue Nikkei Stock Average was down 274.60 points, or 1.89 percent, from Thursday at 14,288.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 21.73 points, or 1.81 percent, at 1,180.59.

Issues heavily reliant on exports including tire and auto makers came under selling as a firmer yen dented hopes for upbeat earnings by them, brokers said.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Jul 29, 2013
Words:120
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