Tokyo stocks dip on stronger yen, lower growth forecast

Tokyo stocks dip on stronger yen, lower growth forecast Tokyo  - Stocks in Tokyo declined slightly in early Friday trading as Japan's government revised downwards its growth forecasts and the US dollar weakened against the yen.

The Nikkei 225 Stock Average slid 47.81 points, or 0.45 per cent, to 10,465.86, going against a broader regional trend as most other Asian markets gained ground following reports that the US jobless rate had grown more slowly than predicted.

The broader-based Topix index was down 3.88 points, or 0.4 per cent, at 954.61.

Japan lowered its estimate of second-quarter economic growth to an annualized 2.3 per cent, from a preliminary estimate of 3.7 per cent.

On currency markets at 9 am (0000 GMT), the dollar traded at 91.70-74 yen, after Thursday's 5 pm quote of 92.15-17 yen.

The euro traded at 1.4579-81 dollars, up from late Thursday's quote of 1.4570-71 dollars, and at 133.69-72 yen, down from 134.27-31 yen.

A stronger yen increases the prices of Japanese producers' products sold abroad and lowers their overseas earnings. (dpa)