Ramsey
12-08-2002, Mon 9:29 AM
عن دواوجونز نيوزواير
ASIAN SUMMARY: Japanese Stocks Fall On U.S. Worries
USD-Yen 119.91 loss 0.26 dn 0.2%
AUD-USD 0.5390 gain 0.0036 up 0.7%
Nikkei 225 9764.24 loss 235.55 dn 2.4%
Hang Seng 10006.68 loss 7.38 dn 0.1%
JGB Yield 1.3650% down 0.01
TOKYO (Dow Jones)--Tokyo stocks dropped sharply Monday morning amid renewed concerns about the U.S. economy and a strengthening yen.
The Nikkei declined as investors remained jittery about what direction the U.S. economy would take following recent volatility and uncertainty about whether the Federal Reserve would make an interest rate cut.
The strengthening yen also damped expectations for a turnaround in Japan's export-driven economy. The currency's rise tends to make Japanese exports more expensive and undercuts the value of profits earned overseas.
In currency dealings, the dollar weakened against the yen on thin trading, as traders awaited the outcome of the U.S. Federal Reserve's meeting Tuesday.
Lower U.S. interest rates can hurt the dollar because investors will earn lower returns on dollar-based assets. But many investors are betting that lower rates will give the struggling U.S. economy a chance to grow, boosting corporate profits and stock prices.
The euro was traded at 116.38 yen, down from 117.18 yen late Friday in Tokyo.
The yield on the benchmark 10-year Japanese government bond was unquoted in morning trading. On Friday, it closed at 1.2600 percent with a price of 100.34.
Singapore's Ministry of Trade and Industry announced second-quarter economic growth figures indicating the trade-dependent nation has emerged from its worst-ever economic recession. But it added the international outlook is becoming cloudier.
ASIAN SUMMARY: Japanese Stocks Fall On U.S. Worries
USD-Yen 119.91 loss 0.26 dn 0.2%
AUD-USD 0.5390 gain 0.0036 up 0.7%
Nikkei 225 9764.24 loss 235.55 dn 2.4%
Hang Seng 10006.68 loss 7.38 dn 0.1%
JGB Yield 1.3650% down 0.01
TOKYO (Dow Jones)--Tokyo stocks dropped sharply Monday morning amid renewed concerns about the U.S. economy and a strengthening yen.
The Nikkei declined as investors remained jittery about what direction the U.S. economy would take following recent volatility and uncertainty about whether the Federal Reserve would make an interest rate cut.
The strengthening yen also damped expectations for a turnaround in Japan's export-driven economy. The currency's rise tends to make Japanese exports more expensive and undercuts the value of profits earned overseas.
In currency dealings, the dollar weakened against the yen on thin trading, as traders awaited the outcome of the U.S. Federal Reserve's meeting Tuesday.
Lower U.S. interest rates can hurt the dollar because investors will earn lower returns on dollar-based assets. But many investors are betting that lower rates will give the struggling U.S. economy a chance to grow, boosting corporate profits and stock prices.
The euro was traded at 116.38 yen, down from 117.18 yen late Friday in Tokyo.
The yield on the benchmark 10-year Japanese government bond was unquoted in morning trading. On Friday, it closed at 1.2600 percent with a price of 100.34.
Singapore's Ministry of Trade and Industry announced second-quarter economic growth figures indicating the trade-dependent nation has emerged from its worst-ever economic recession. But it added the international outlook is becoming cloudier.