Tokyo stocks end lower Tuesday, US$ higher against yen

  • Business
  • Tuesday, 27 Jul 2004

TOKYO (AP) - Tokyo stocks fell for the fourth straight session Tuesday as investors sold high technology blue chips following Wall Street's overnight fall. 

The U.S. dollar was higher against the Japanese yen. 

The Nikkei Stock Average of 225 issues closed down 128.01 points, or 1.15 percent, at 11,031.54 points.  

The index, which fell 27.78 points, or 0.25 percent on Monday, has now lost 402.41 points, or 3.52 percent, over the last four sessions. 

The dollar was quoted at 109.89 yen at 3 p.m. (0600 GMT) Tuesday, up 0.25 yen from late Monday in Tokyo and also above the 109.87 yen it bought in New York later that day. 

Tokyo stocks fell as investors were discouraged by the tech-dominated Nasdaq's overnight fall on Wall Street and sold technology blue chips, including Hitachi, NEC, Matsushita Electric and Sony. 

Issues related to domestic economy, such as steel and real estate, also fell. 

Nippon Steel, Sumitomo Metal, as well as Mitsubishi Estate and Mitsui Fudosan were among losers Tuesday. 

U.S. stocks fell Monday due to poor earnings outlooks and concerns about the economy. 

The Dow Jones industrial average fell 0.30, or nearly flat, at 9,961.92.  

The Nasdaq composite index shed 10.07, or 0.5 percent, to 1,839.02, its lowest point since Oct. 2. 

In Tokyo Tuesday, the broader index of all issues on the Tokyo Stock Exchange's first section declined 12.54 points, or 1.11 percent, to close at 1,114.39 points. 

The TOPIX lost 8.36 points, or 0.74 percent, the day before. 

In other currencies, the euro fell to US$1.2136 Tuesday afternoon in Tokyo from US$1.2156 late Monday. Against the yen, the euro was down at 133.35 yen from 133.40 yen. 

In the bond market, the yield on Japan's benchmark 10-year government bond rose to 1.8350 percent Tuesday afternoon from 1.8050 percent late Monday. 

Its price fell 0.15 to 99.70 points. - AP

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