Tokyo, Aug. 3 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average briefly gave up more than 1,600 points Monday morning, after a coordinated yen-buying foreign exchange market intervention by Japanese and U.S. authorities pushed up the Japanese currency. At 10:18 a.m., the index of 225 major issues listed on the Tokyo Stock Exchange’s Prime section stood at 62,703.47, down 1,658.55 points, or 2.58 pct, from Friday’s closing. The coordinated yen-buying intervention was conducted Friday, U.S. Eastern time. In Tokyo currency trading, the dollar stood at 156.11-12 yen at 10 a.m. Monday, compared with 160.20-21 yen at 5 p.m. Friday. It briefly slipped below 156 yen for the first time in three months. “Export-oriented stocks, such as automakers, were sold on concerns about deteriorating export profitability due to the stronger yen,” an official at a Japanese securities house said. Stocks also faced profit-taking after the Nikkei climbed a total of more than 2,900 points Thursday and Friday, market sources said. END [Copyright The Jiji Press, Ltd.]
Nikkei Dives on Yen’s Spike after Japan-U.S. Intervention
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