Tokyo stocks fall as yen's retreat slows, PMs resignation weighs

19:53, June 02, 2010      

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Tokyo stocks retreated from gains made in early trade as the yen recovered some lost ground against other major currencies in the wake of Japanese Prime Minister Yukio Hatoyama's announcement that he would resign.

The 225-issue Nikkei Stock Average dropped 108.59 points, or 1. 12 percent, from Tuesday to 9,603.24.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 9.99 points, or 1.14 percent, to 870. 05.

Analysts said the news about Hatoyama briefly pushed the Nikkei into positive territory and weakened the yen against the euro and the dollar, although the impact was not long lasting on Wednesday.

Hatoyama said Wednesday that he was stepping down as the nation 's leader with his Secretary-General Ichiro Ozawa in a bid to salvage the Democratic Party of Japan's chances of victory in the upper house elections this summer.

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