Monday, March 18, 2013
Nikkei Opens Lower On Rise Of Yen, Profit-Taking
TOKYO (NQN)--Tokyo stocks opened lower Monday, with the Nikkei Stock Average tumbling 195 points, or 1.6%, to start the day at 12,365.
The benchmark index later fell more than 250 points.
The dollar edged down nearly 1 yen from Friday to the upper-94 yen level, while the euro fell against the Japanese currency. This prompted investors to sell blue-chip exporters, including carmakers, in addition to a range of other issues.
The benchmark Nikkei average closed at a 2012-13 high on Friday, so investors will probably sell stocks on Monday to lock in gains, dragging the index down even more.