Tokyo stocks weak on Toyota loss forecastDecember 24th, 2008 - 12:37 pm ICT by IANS
Tokyo, Dec 24 (DPA) Stocks in Tokyo opened lower Wednesday, after Toyota Motor Corp, Japan’s largest automaker, projected its first operating loss in 71 years for the current business year.Following a slump on Wall Street which was dragged down by falling US home prices, the benchmark Nikkei 225 Stock Average was down 234.83 points, or 2.69 percent to 8,488.95.
The broader Topix index of all first-section issues fell 22.95 points, or 2.7 percent to 825.77 by mid-trading.
Toyota said Monday it expected an operating loss for the business year through March 31. Stock markets in Tokyo were closed for a public holiday Tuesday.
On currency markets at 9 a.m., the dollar was quoted at 90.87-92 yen, up from Monday’s 5 p.m. quote of 89.83-86 yen.
The euro was quoted at $1.3935-40, down from $1.4051-54, and at 126.61-66 yen, compared to 126.25-29 late Monday.