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Tokyo stocks see biggest fall in three weeks.

Tokyo stocks sharply plunged on Wednesday, sending

key indexes to fall the most in three weeks, as a strong yen prompted

investors to sell export-oriented issues. The 225-issue Nikkei Stock Average on the Tokyo Stock Exchange (TSE) lost

204.67 points, or 2.11 percent, from Tuesday to 9,489.34.96. The broader Tokyo

Stock Price Index, which includes all shares on the market's first section,

was down 13.25 points, or 1.54 percent, to 845.93. Nearly all 33 sectors on the TSE lost ground, with notable losers including

machinery issues. Both indexes fell the most since July 16. The market was dampened by the yen's appreciation against the US dollar, as

investors sold export-oriented issues. A stronger yen cuts the value of Japanese exporters' overseas sales when

converted back into local currency. The US dollar fell to an eight-month low in the lower 85 yen range on

Wednesday in Tokyo on speculation that weak US economic data may prompt the

Federal Reserve to further ease its monetary steps.

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Publication:Kuwait News Agency (KUNA)
Date:Aug 4, 2010
Words:186
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