Tokyo stocks snap winning streak on Mideast fears, firmer yen
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TOKYO stocks broke a three-day winning streak Tuesday as investors locked in recent gains amid concerns over tensions in the Middle East, while a stronger yen versus the US dollar weighed on exporters.
The 225-issue Nikkei Stock Average ended down 395.20 points, or 1.00 per cent, from Monday at 38,937.54. The broader Topix index finished 40.24 points, or 1.47 per cent, lower at 2,699.15. On the top-tier Prime Market, decliners were led by securities house, wholesale trade and transport equipment issues. The dollar briefly weakened to the lower 147yen range in Tokyo as traders sought the Japanese currency, seen as a safe -haven asset, on worries that Israel could soon retaliate against Iran over recent missile strikes, dealers said. At 5 pm, the dollar fetched 147.59-60 yen, compared with 148.15-25 yen in New York and 148.27-29 yen in Tokyo at 5 pm Monday.
The euro was quoted at $1.0994-0996 and 162.27-31 yen against $1.0969-0979 and 162.58-68 yen in New York and $1.0969-0970 and 162.64-68 yen in Tokyo late Monday afternoon. — Kyodo
Source- The Global New Light Of Myanmar
