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Tokyo Stocks End Down; Dollar Up Vs. Yen
Friday May 13, 3:26 am ET
Tokyo Stocks End Down on Worries That Drop in U.S. Shares Hurts Exporters; Dollar Up vs. Yen

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TOKYO (AP) -- Tokyo's benchmark stock index finished lower Friday over worries that exporters were hurt by a drop in U.S. stocks on Wall Street. The U.S. dollar was up against the Japanese yen but lower versus the euro.
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The Nikkei Stock Average of 225 selected issues fell 28.83 points, or 0.26 percent, to close at 11,049.11 points. The index lost 42.76 points, or 0.38 percent, Thursday.

The dollar was trading at 106.86 yen at 3 p.m. (0600 GMT) Friday, up 0.66 yen from late Thursday and also above the 106.75 yen it bought in New York later that day.

On the stock market, exporters declined after U.S. stocks retreated on fears of an economic slowdown. Those concerns were heightened when major U.S. retailer Wal-Mart missed Wall Street's profit expectations for the quarter and warned that falling consumer spending due to high gasoline prices would hurt its second quarter results.

The Nikkei's decline, however, was limited by bargain hunting triggered by a report in the early afternoon indicating stronger-than-expected Japanese machinery orders, traders said.

Machinery orders rose 1.9 percent in March from the previous month, much greater than the forecast of economists surveyed by Dow Jones Newswires, who estimated on average that core orders fell 0.9 percent on month. In February, core machinery orders rose 4.9 percent on month.

Machinery orders are widely regarded as a leading indicator of corporate capital investment.

But trading was directionless as players remained cautious ahead of Japan's January-March gross domestic product data due next Tuesday, traders said.

Automakers Honda Motor Co. and Toyota Motor Corp. fell, as did steelmakers JFE Holdings Inc. and Nippon Steel Corp. Tech issues were mixed, with TDK Corp. and Canon Inc. declining, while Sony Corp. and Advantest Corp. advancing.

The broader TOPIX, which includes all issues on the Tokyo Stock Exchange's first section, lost 5.67 points, or 0.50 percent, to finish Friday's trading at 1,134.82. The TOPIX shed 4.81 points, or 0.42 percent, Thursday.

On Thursday, the Dow Jones industrial average fell 110.77, or 1.08 percent, to 10,189.48 -- the second triple-digit loss of the week. The Nasdaq composite index fell 7.67, or 0.39 percent, to 1,963.88.

The plunge came amid a second-quarter profit warning from Wal-Mart Stores Inc. that overshadowed strong economic news and a sharp drop in oil prices.

In currency trading in Tokyo, the euro rose to US$1.2673 Friday afternoon from US$1.2763 late Thursday. Against the Japanese currency, the euro fell to 135.46 yen from 135.48 yen.

The yield on the benchmark 10-year Japanese government bond stood at 1.2800 percent, unchanged from Thursday's finish. Its price remained unchanged at 100.17 points.





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