Nikkei falls 1.87% on U.S. economic concerns, strong yen

20:04, June 23, 2010      

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Tokyo stocks declined sharply Wednesday with Japan's Nikkei average dropping 1.87 percent as reemerging fears U.S. home sales may drag down the world's biggest economy darkened investor sentiment and a stronger yen battered exporter shares.

The 225-issue Nikkei Stock Average dropped 189.19 points, or 1. 87 percent, from Tuesday to 9,923.70, slipping below the psychologically important 10,000 line and marking its lowest closing level since June 15.

Meanwhile, the broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 13.72 points, or 1.53 percent, to 880.84.

Brokers said the worse-than-expected U.S. home sales data, coupled with a rising yen against the euro and the U.S. dollar weighed on investor sentiment as lingering concerns in the euro zone are beginning to wane and the expectation for positive housing data from the U.S. was high.

Existing-home sales in The U.S. fell 2.2 percent in May after two consecutive rises, the National Association of Realtors announced on Tuesday, despite support from a government tax- incentive program.

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