Tokyo stocks fall on overnight Wall Street losses

Tokyo stocks fall on overnight Wall Street lossesTokyo  - Tokyo stocks ended Tuesday trading lower after the US market declined overnight on grim earnings outlooks and the yen's advance against other currencies.

The Nikkei 225 Stock Average fell 272.13 points, or 3 per cent, to close at 8,809.3.

The broader Topix index of all first-section issues also dropped 27.29 points, or 2.98 per cent, to 889.36.

Goldman Sachs Group Inc, technology giant Google Inc and automaker General Motors Corp all suffered downgraded outlooks the day before.

News about the second-largest US electronics retailer Circuit City Stores Inc filing for bankruptcy protection also dampened the market sentiment.

In Japan, watchmaker Citizen Holdings Co shaved one third off its earnings forecast, its shares plunging 10 per cent as a result.

Exporters were hurt by the stronger yen as it shaves their earnings overseas.

On currency markets at midday (0300 GMT), the dollar traded at 97.80-85 yen, down from Monday's 5 pm quote of 99.12-13 yen.

The euro was quoted at 1.2727-32 dollars, down from Monday's 5 pm quote of 1.2820-21 dollars, and at 124.53-58 yen, down from 127.07-11 yen. (dpa)

Business News: 
General: 
Regions: