MN: Japanese shares fall on stronger yen, profit-taking (Roundup)
Tokyo - Japan stocks declined Wednesday despite modest gains on Wall Street, with export-oriented issues hurt by a stronger yen as investors sold shares to lock in immediate profits after the previous day's rise.
The benchmark Nikkei 225 Stock Average lost 58.39 points, or 0.63 per cent, to close at 9,279.65 while the broader Topix index was down 5.73 points, or 0.68 per cent, to end the day at 841,51.
Stocks in Tokyo rebounded from a seven-month intraday low Tuesday.
Major US stock indices recorded gains overnight after the long July 4 holiday weekend, recovering slightly from a major drubbing last week.
On currency markets at 3 pm (0600 GMT), the dollar traded at 87.48-50 yen, down from Tuesday's 5 pm quote of 87.86-87 yen.
The euro traded at 1.2582-2585 dollars, down from 1.2591-2592 dollars Tuesday, and at 110.07-10 yen, down from 110.63-67 yen.
A stronger yen makes Japanese exports less competitive and reduces overseas profits when the revenues are repatriated.
