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Tokyo stocks fall as stronger yen hits exporters
Sunday, November 08, 2009 7:33 PM


TOKYO, Nov. 8, 2009 (Kyodo News International) -- Tokyo stocks opened lower Monday, with a stronger yen weighing on exporters.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average lost 41.77 points, or 0.43 percent, from Friday to 9,747.58. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 5.74 points, or 0.66 percent, to 868.27. The Second Section also lost ground.

Almost all the TSE's 33 industrial sectors fell, led by rubber product, mining and textile issues. The insurance, glass and ceramics, and service sectors were the only gainers.

The U.S. dollar traded in the upper 89 yen range Monday morning, after falling in New York Friday as the October U.S. jobless rate shot up to 10.2 percent, its highest level in 26 years and six months.

This prompted selling of Japanese exporter shares such as Toyota Motor (NYSE:TM) and Canon, as investors fret about a stronger yen eroding exporter profits repatriated from overseas.

(Source: iStockAnalyst )


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