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Tokyo Stocks Slide: Stronger Yen Hits Exporters, Locking In Losses

Tokyo stock prices declined during Wednesday’s early trading session due to a more robust yen causing exporters' shares to drop, with investors also cashing out following four consecutive days of gains in the Nikkei index. The Nikkei Stock Average with 225 issues fell by 308.67 points, equivalent to 0.81%, dropping from Tuesday’s close to reach 37,874.59. Meanwhile, the more comprehensive Topix index declined by 33.55 points, which is approximately 1.21%, settling at 2,738.59. The U.S. dollar temporarily fell to approximately the 147 yen mark in Tokyo due to weaker-than-anticipated U.S. inflation figures, which sparked speculation about an imminent interest rate reduction by the Federal Reserve, according to traders. By midday, the dollar was trading at 147.17-22 yen, down from 147.43-53 yen in New York and 147.85-87 yen in Tokyo as of 5 p.m. on Tuesday. The euro was trading at $1.1188-1191 and 164.65-75 yen versus $1.1180-1190 and 165.00-10 yen in New York, and at $1...