Tokyo stocks fall, thanks to Wall Street losses

November 11th, 2008 - 11:00 am ICT by IANS  

Tokyo, Nov 11 (DPA) Tokyo stocks fell in Tuesday morning trading after the US market declined overnight on grim earnings outlooks and the yen’s advance against other currencies.The Nikkei 225 Stock Average lost 299.98 points, or 3.3 percent, to 8,781.45.

The broader Topix index of all first-section issues also fell 24.34 points, or 2.66 percent, to 892.31.

Goldman Sachs Group Inc, technology giant Google Inc and automaker General Motors Corp all suffered downgraded outlooks the day before.

In Japan, watchmaker Citizen Holdings Co shaved one third off its earnings forecast, its shares plunging 10 percent as a result.

Exporters were hurt by the stronger yen as it shaves their earnings overseas.

On currency markets at 9 a.m., the dollar was quoted at 97.95-98.00 yen, down from Monday’s 5 p.m. quote of 99.12-13 yen.

The euro was quoted at 1.2743-48 dollars, down from Monday’s 5 p.m. quote of $1.2820-21, and at 124.87-92 yen, down from 127.07-11 yen.

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