Tokyo Stocks Slip; Dollar Up Vs. Yen
Thursday May 12, 11:43 pm ET
Tokyo Stocks Slip on Worries That Drop in U.S. Shares Hurts Exporters; Dollar Up Vs. Yen, Euro
TOKYO (AP) -- Tokyo's benchmark stock index slipped Friday morning over worries that exporters were hurt by a drop in U.S. stocks on Wall Street. The dollar was up against the Japanese yen and the euro.
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The Nikkei Stock Average of 225 selected issues fell 18.64 points, or 0.17 percent, to 11,059.30 points at the end of morning trading. The index lost 42.76 points, or 0.38 percent, on Thursday.
The dollar was trading at 106.77 yen at 11 a.m. Friday, up 0.57 yen from late Thursday and 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.
Honda Motor Co. and Toyota Motor Corp. fell, as did steelmakers JFE Holdings Inc. and Nippon Steel Corp. Tech issues TDK Corp. and Canon Inc. also declined.
The Nikkei's decline, however, was limited as investors awaited the release of Japanese machinery orders for March due out later Friday, traders said.
The broader TOPIX, which includes all issues on the Tokyo Stock Exchange's first section, lost 3.68 points, or 0.32 percent, to 1,136.81. The TOPIX shed 4.81 points, or 0.42 percent, on Thursday.
In New York 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 dipped to $1.2683 Friday morning from $1.2763 late Thursday and to 135.44 yen from 135.48 yen.
The yield on the benchmark 10-year Japanese government bond fell to 1.2700 percent from Thursday's finish of 1.2800 percent. Its price rose 0.09 point to 100.26 points.
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