Tokyo stocks end at fresh 29-month low
TOKYO: Tokyo stocks fell 1.14 percent to close at their lowest point in more than 29 months on Wednesday as major exporters turned down with the euro's renewed drop against the yen.
The benchmark Nikkei 225 index at the Tokyo Stock Exchange closed down 97.98 points at 8,518.57, the lowest finish since April 28, 2009. The Topix index of all first-section issues dipped 8.13 points or 1.08 percent to 741.69.
The Nikkei widened its losses as the euro weakened against the yen, dragging down shares of exporters.
"The market is very fickle," said Yoshihiro Okumura, general manager of research at Chibagin Asset Management.
"It is difficult to find stability and direction until there is a solid path to resolving the European debt crisis," he told Dow Jones Newswires.
The euro eased in Asia on Wednesday, as ratings agency Moody's downgraded French banks ahead of a scheduled conference call between the leaders of Greece, Germany and France later in the day.
Copyright AFP (Agence France-Presse), 2011
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