Friday, February 15, 2013
Nikkei Ends Morning Lower On Yen's Rise
TOKYO (NQN)--Tokyo stocks fell back Friday morning, with the Nikkei Stock Average dropping 99.35 points, or 0.88%, to end the morning session at 11,207.93.
Investors sold blue-chip exporters in particular, beginning early in the session, in line with concerns about the European economy. The yen's rise prompted futures selling, widening the benchmark index's losses to more than 100 points. As a result, the Nikkei average dipped below the psychologically important 11,200 mark at one point.
Market players appear less willing to take risks amid concerns the yen may rise further, as finance ministers and central bankers from the Group of 20 nations are likely to try to put a floor under the yen at their meeting in Moscow, which starts later in the day.
The single currency's decline against the yen ahead of a likely cut in interest rates by the European Central Bank also prompted selling in Tokyo.
The broader Topix index was also down at the lunch break.