MN: Japanese shares drop on unrest in Libya, US stock losses (Roundup)
Tokyo - Japanese stocks fell more than 1 per cent Thursday after intensifying turmoil in Libya caused oil prices to rise overnight in New York and US stocks to slip.
The benchmark Nikkei 225 Stock Average lost 126.39 points, or 1.19 per cent, to close at 10,452.71 while the broader Topix index was down 12.66 points, or 1.34 per cent, at 934.22.
Tokyo stocks opened lower after the US Dow Jones Industrial Average fell 0.88 per cent.
Export-oriented issues were dragged down by the yen's advance as the yen rose against major currencies, briefly hitting 81.96 yen to the dollar. A stronger yen makes Japanese goods more expensive abroad and erodes repatriated earnings.
On currency markets at 3 pm (0600 GMT), the dollar traded at 82.01-04 yen, down from Wednesday's 5 pm quote of 82.71-72 yen.
The euro traded at 1.3774-3777 dollars, up from 1.3719-3720 dollars Wednesday, and at 112.97-113.00 yen, down from 113.47-51 yen.
