Tokyo stocks fall amid political uncertainty, yen weighs (3)

19:40, June 01, 2010      

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The yen appreciated to 110.68, compared with 112.60 against the euro at the close of stock trading in Tokyo on Monday. Against the dollar the yen strengthened to as much as 90.89 from 91.52.

Exporters lose competitiveness overseas when the yen is strong and profits are eroded when repatriated.

Subsequently, Sony Corp fell nearly 1 percent to 2,788 yen and Kyocera Corp. dropped 1 percent to 7,850 yen.

Toyota lost 0.5 percent to 3,265 yen while Nissan retreated more than 1 percent to 655 yen.

Hitachi Ltd. fell 3.5 percent to 359 yen following President Hiroaki Nakanishi saying that various parts of the company are being adversely affected by financial confusion in Europe. Nakanishi in an interview with the Financial Times said that financing problems were delaying a deal to supply U.K. railway rolling stock and the company's coal-fired power station projects in Europe.

Financial issues advanced as the stock is being viewed as relatively cheap compared to earnings prospects and Mitsubishi UFJ Financial Group Inc. gained 1.1 percent to 446 yen and Sumitomo Mitsui Financial Group Inc. advanced 1.2 percent to 2,734 yen. Mizuho Financial Group Inc., Japan's third megabank, edged up 0.6 percent to 165 yen.

Some 1.63 billion shares changed hands on the Tokyo exchange's First section, down from Monday's volume of 1.75 billion shares.

Declining issues outnumbered advancing ones by 820 to 701.

Source: Xinhua
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