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Tokyo stocks close lower as strong yen hurts exporters

Source: Xinhua| 2018-01-24 16:18:59|Editor: Xiang Bo
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TOKYO, Jan. 24 (Xinhua) -- Tokyo stocks closed lower Wednesday following a three-day winning streak as a firm yen against the U.S. dollar dampened the market mood and weighed on exporter issues.

The 225-issue Nikkei Stock Average dropped 183.37 points, or 0.76 percent, from Tuesday to close the day at 23,940.78.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 9.84 points, or 0.51 percent, to finish at 1,901.23.

Local traders here said that the yen's rise against the U.S. dollar, following concerns about trade tariffs in the United States, set the tone for the market.

The dollar fell below the 110 yen line from the upper 110 yen zone a day earlier during trading hours Wednesday, prompting investors to sell to secure profits.

Exporters came under particular pressure as a strong yen hurts their profit outlooks and yields when repatriated.

The yen's strength also dents exporters' competitiveness in overseas markets.

But losses were pared, market strategists said, following the Bank of Japan (BOJ) opting to maintain its aggressive easing measures a day earlier.

Concerns receded about the central bank moving towards tapering measures in the near future, market players said.

Electric appliance, machinery and bank-linked issues comprised those that declined the most by the close of play, and falling issues outpaced rising ones by 989 to 961 on the First Section, with 113 ending the day unchanged.

On the main section on Wednesday, 1,523.56 million shares changed hands, rising from Tuesday's volume of 1,415.12 million shares.

The turnover on the third trading day of the week came to 2,940.4 billion yen (26.75 billion U.S. dollars).

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