Friday, October 25, 2013
Nikkei Stuck In Red On Weak U.S. Economic Data
TOKYO (NQN)--Tokyo stocks are down midmorning Friday, with the Nikkei Stock Average briefly falling more than 190 points to move below 14,300.
The dollar fell to the lower-97 yen range, prompting investors to sell exporter issues. Although the benchmark stock index is off its early lows, it remains in negative territory, trading in a tight range, down around 140 points.
Overnight rises on the U.S. and European markets failed to inspire buying in Tokyo. Weak U.S. economic indicators are increasing speculation the U.S. Federal Reserve will continue its quantitative easing, putting downward pressure on the dollar.
An official at a domestic brokerage said he will be looking for trading clues from the Chinese stock market.
As of 10:52 a.m., the Nikkei average stood at 14,332.25, down 1.05%.