Japan stocks slump over US car industry concerns

December 12th, 2008 - 11:51 am ICT by IANS  

Tokyo, Dec 12 (DPA) Stocks in Japan dropped in early trading Friday, dragged down by opposition to the US car industry bail-out plan by conservative lawmakers in the US Senate.The benchmark Nikkei 225 Stock Average was down 110.31 points, or 1.27 percent, to 8,610 at mid-trading, also affected by the yen strengthening against the dollar.

The broader Topix index of all first-section issues declined by 6.06 points, or 0.71 percent, to 843,19.

On currency markets at 9 a.m. (0000 GMT), the dollar was quoted at 91.49-54 yen, down from Thursday’s 5 p.m. quote of 92.50-53 yen.

The euro was quoted at $1.3326-31, up from $1.3115-18, and at 121.94-99 yen, up from 121.34-38 yen the previous day.

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