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Tokyo stocks close lower in choppy trade as yen's rise hurts exporters

Source: Xinhua| 2018-02-13 16:56:13|Editor: Jiaxin
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TOKYO, Feb. 13 (Xinhua) -- Tokyo stocks reversed earlier gains on the back of U.S. shares rising overnight, with the Nikkei closing at a four-month low Tuesday as the yen's rise against the U.S. dollar in later trade dented exporter issues.

The 225-issue Nikkei Stock Average dropped 137.94 points, or 0.65 percent, from Friday to close the day at 21,244.68, marking its lowest closing level since Oct. 13.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 15.19 points, or 0.88 percent, to finish at 1,716.78.

Tokyo issues drew buying in the morning, tracking positive gains on Wall Street's rebound overnight, local brokers here said.

They added that reports that Bank of Japan Governor Haruhiko Kuroda may be reappointed to his position also added support, and belief that the central bank's sizable monetary easing policy would continue with Kuroda still at the bank's helm.

Gains were reversed in later trade, however, on the yen's appreciation against the U.S. dollar.

The yen's firmness dragged down exporter issues, which themselves have a broad bearing on the wider market.

Exporters count on a weaker yen to boost profits when repatriated from overseas and to giver them a more competitive edge in global markets.

A firm yen does the opposite.

Rubber product, transportation equipment and marine transportation-linked issues comprised those that declined the most by the close of play, and falling issues beat rising ones by 1,366 to 629, while 70 ended the day unchanged.

On the main section on Tuesday, 1,962.39 million shares changed hands, falling from Friday's volume of 2,137.48 million shares.

The turnover on the first trading day of the week came to 3,712.6 billion yen (34.45 billion U.S. dollars).

Markets here were closed Monday for a national holiday.

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