Tokyo stocks fall as yen rises, tighter financial regulations weigh

08:45, May 20, 2010      

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Tokyo stocks fell Wednesday as the yen's appreciation against the euro rattled exporters and Germany' s tighter financial regulations to help reduce European debt unnerved investors.

After momentarily hitting a three-month intraday low of 10,041. 93 in the morning, the 225-issue Nikkei Stock Average closed the day down 55.80 points, or 0.54 percent, from Tuesday at 10,186.84.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 3.27 points, or 0.36 percent, to 910. 64.

Analysts said that shares came under increased selling pressure following the yen's rise against the euro and market sentiment was soured by news Germany's financial regulators will restrict naked short sales, fueling concerns about low liquidity.

On Tuesday German authorities banned naked short selling of stocks in major financial institutions and eurozone government bonds.

Naked short selling is when a trader sells short a financial instrument he does not possess, betting that its price will fall, without first borrowing the instrument or confirming if it can be borrowed.


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(Editor:黄蓓蓓)

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