TOKYO, Feb 24, (APP/AFP) – Tokyo stocks lost
ground Friday morning as a strong yen weighed on exporters and Wall Street had a mixed performance.
The blue-chip Dow Jones Industrial Average hit a tenth consecutive all-time high to break a 30-year record, but the S&P 500 barely rose and the tech-heavy Nasdaq declined.
US stocks have been on a record run since President Donald Trump took
office last month, with investors cheered in recent days by hopes the new
administration will soon unveil promised tax cuts.
In Asia the dollar edged up to 112.82 yen from 112.67 yen but was still down from 113.25 yen in Tokyo on Thursday and the 114 yen level seen last week.
The yen’s relative strength dented enthusiasm for stocks.
“Buying sentiment is dampened by a strong yen for sure,” Toshikazu
Horiuchi, a broker at IwaiCosmo Securities Co, told AFP.
“But selling pressure is not so strong as investors appear to be buying on the dip.”
The benchmark Nikkei 225 index slipped 0.16 percent, or 30.78 points, to 19,340.68 by the break while the Topix index of all first-section issues was down 0.06 percent, or 0.94 points, at 1,555.31.
A stronger yen hurts the profitability of Japan’s major exporters and tends to dent demand for their shares.