ID :
180347
Fri, 05/06/2011 - 08:53
Auther :
Shortlink :
http://m.oananews.org//node/180347
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Tokyo Stocks Turn Lower on Yen Rise, Wall Street Fall in Morning
Tokyo, May 6 (Jiji Press)--Stocks fell back on the Tokyo Stock Exchange Friday morning, on the back of the yen's rise and an overnight fall on Wall Street, with the key Nikkei average briefly falling 200 points.
At the morning close, the 225-issue Nikkei average was down 181.59 points, or 1.82 pct, at 9,822.61. On Monday, the key market gauge rose 154.46 points.
The TOPIX index of all first-section issues was down 11.00 points, or 1.27 pct, at 854.55, after gaining 13.70 points the previous trading day.
The Tokyo market was closed for three days through Thursday for national holidays.
After the Nikkei average closed above 10,000 on Monday for the first time since the March 11 earthquake and tsunami, investors moved to lock in profits in view of the dollar's brief fall below 80 yen and U.S. shares' plunge.
After initial selling ran its course, however, stocks moved in a narrow range, as players retreated to the sidelines ahead of the release of U.S. jobs data due out later on Friday, brokers said.
Investor sentiment was dampened because the Dow Jones industrial average tumbled over 200 points during the three-day holidays in Japan.
Market players also worried about an impact from the yen's appreciation on Japanese corporate performance in the future.
"Investors sold stocks as they were concerned that the dollar may slip below 80 yen again," said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
"Trading lacked vigor in the middle of the holiday period," Miura said.
Falling issues far outnumbered rising ones 1,135 to 386 on the TSE's first section in the morning, while 129 issues were flat.
Half-day volume came to 951 million shares.
Export-oriented issues met with selling due to the yen's rise. Among them were automakers Toyota, Nissan and Honda, and high-tech makers Panasonic, Sony, Canon and Fanuc.
Softbank fell 2.85 pct as investors worried that the telecommunications carrier is likely to see a large amount of its bonds converted into common shares.
Department store operators Takashimaya, Isetan Mitsukoshi and J. Front Retailing suffered losses, after announcements on Monday of their still struggling sales in April.
DeNA lost ground after Daiwa Securities Capital Markets lowered its investment rating for the mobile game site operator.
Selling also hit resources-related issues on flagging commodities markets. Among them were trader Mitsubishi, Sumitomo Metal Mining and Inpex.
By contrast, All Nippon Airways and Skymark Airlines gained ground as crude oil prices fell sharply.
Other winners included Tokyo Electric Power, the operator of the crippled nuclear power plant in northeastern Japan, and its peers Tohoku Electric Power and Chubu Electric Power.
At the morning close, the 225-issue Nikkei average was down 181.59 points, or 1.82 pct, at 9,822.61. On Monday, the key market gauge rose 154.46 points.
The TOPIX index of all first-section issues was down 11.00 points, or 1.27 pct, at 854.55, after gaining 13.70 points the previous trading day.
The Tokyo market was closed for three days through Thursday for national holidays.
After the Nikkei average closed above 10,000 on Monday for the first time since the March 11 earthquake and tsunami, investors moved to lock in profits in view of the dollar's brief fall below 80 yen and U.S. shares' plunge.
After initial selling ran its course, however, stocks moved in a narrow range, as players retreated to the sidelines ahead of the release of U.S. jobs data due out later on Friday, brokers said.
Investor sentiment was dampened because the Dow Jones industrial average tumbled over 200 points during the three-day holidays in Japan.
Market players also worried about an impact from the yen's appreciation on Japanese corporate performance in the future.
"Investors sold stocks as they were concerned that the dollar may slip below 80 yen again," said Yutaka Miura, senior technical analyst at Mizuho Securities Co.
"Trading lacked vigor in the middle of the holiday period," Miura said.
Falling issues far outnumbered rising ones 1,135 to 386 on the TSE's first section in the morning, while 129 issues were flat.
Half-day volume came to 951 million shares.
Export-oriented issues met with selling due to the yen's rise. Among them were automakers Toyota, Nissan and Honda, and high-tech makers Panasonic, Sony, Canon and Fanuc.
Softbank fell 2.85 pct as investors worried that the telecommunications carrier is likely to see a large amount of its bonds converted into common shares.
Department store operators Takashimaya, Isetan Mitsukoshi and J. Front Retailing suffered losses, after announcements on Monday of their still struggling sales in April.
DeNA lost ground after Daiwa Securities Capital Markets lowered its investment rating for the mobile game site operator.
Selling also hit resources-related issues on flagging commodities markets. Among them were trader Mitsubishi, Sumitomo Metal Mining and Inpex.
By contrast, All Nippon Airways and Skymark Airlines gained ground as crude oil prices fell sharply.
Other winners included Tokyo Electric Power, the operator of the crippled nuclear power plant in northeastern Japan, and its peers Tohoku Electric Power and Chubu Electric Power.
