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Japanese shares turn lower in late trade

Japanese shares turn lower in late trade
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First Published: Fri, Mar 14 2008. 11 35 AM IST
Updated: Fri, Mar 14 2008. 11 35 AM IST
AFP
Tokyo: Japanese share prices ran up fresh losses in late trade on Friday, 14 March, reversing early gains amid ongoing jitters about a strong yen and credit market troubles, dealers said.
The benchmark Nikkei-225 index was down 151.49 points or 1.22% at 12,281.95 about an hour before the close of trade.
After tumbling 3.3% on Thursday, the Nikkei opened higher as investors were relieved by Standard & Poor’s report overnight saying that subprime loss writedowns by financial companies may be more than halfway finished.
But the rally fizzled out as the dollar came under renewed pressure against the Japanese currency, approaching the key 100 yen level, which it sank below briefly on Thursday for the first time in more than 12 years.
“The dollar remains at a level that will hurt the earnings of Japanese companies,” said Yumi Nishimura, manager for equity marketing at Daiwa Securities SMBC.
The dollar was at 100.18 yen in Tokyo afternoon trade, down from 100.60 in New York late Thursday, when it earlier dropped to as low as 99.78.
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First Published: Fri, Mar 14 2008. 11 35 AM IST
More Topics: Stocks | Japan | Nikkei | Dollar | Yen |