Tokyo stocks down on profit-taking ahead of earnings reports

Tokyo stocks exchangeTokyo- Tokyo stocks closed lower Friday as investors sold shares to lock in profits while waiting for earnings reports to be released by Japanese firms.

The benchmark Nikkei 225 Stock Average dropped 139.02 points, or 1.57 per cent, to close at 8,707.99.

The broader Topix index of all first-section issues was also down 9.45 points, or 1.13 per cent, at 830.05.

For the week, Nikkei fell 2.24 per cent, and Topix also dipped 1.84 per cent.

Stocks extended their losses in the afternoon as the yen's advance rekindled investors' concerns over exporters' earnings, analysts said.

A stronger yen hurts Japanese companies' earnings overseas.

On currency markets at midday (0300 GMT), the dollar traded at 97.21-26 yen, down from Thursday's 5 pm quote of 98.14-17 yen.

The euro traded at 1.3152-57 dollars, up from late Thursday's quote of 1.3008-11 dollars, and at 127.87-92 yen, up from 127.69-73 yen. (dpa)