Nikkei Ends Morning Lower On Rise Of Yen

TOKYO (NQN)--Tokyo stocks traded in negative territory Monday morning, with the Nikkei Stock Average sliding 263.88 points, or 2.1%, to end the session at 12,297.07.

The dollar and the euro fell against the yen due to uncertainty over what countries in Europe will do to support Cyprus. The Dow Jones industrial average tumbled more than 100 points from Friday's liquidation price during after-hours trading in Chicago, raising concerns that Wall Street will continue to fall throughout the week.

Toyota Motor Corp. (7203), Honda Motor Co. (7267), Fuji Heavy Industries Ltd. (7270) and other blue-chip carmakers continued to lose ground. Tokyo Electron Ltd. (8035) and Dainippon Screen Mfg. Co. (7735) fell after some overseas brokerages cut their investment ratings on them.

Fast Retailing Co. (9983), Fanuc Corp. (6954), Softbank Corp. (9984) and Kyocera Corp. (6971), all of which have a considerable impact on the Nikkei Stock Average, fell across the board.

Drugmakers such as Takeda Pharmaceutical Co. (4502) and Astellas Pharma Inc. (4503) also slid. Property developers such as Mitsui Fudosan Co. (8801) and Mitsubishi Estate Co. (8802), which have been rising in recent sessions on hopes for more monetary easing measures from the Bank of Japan, lost ground in morning trade.

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