Japan stocks down

Japanese shares were down Thursday morning after overnight losses on Wall Street and on concerns about European debt, according to dpa. The benchmark Nikkei 225 Stock Average lost 59.33 points, or 0.69 per cent, to trade at 8,528.51 at the end of the morning session at 11:30 am (0230 GMT). The broader-based Topix index was down 3.47 points, or 0.48 per cent, at 722.97. Export-linked stocks fell as the yen rose against the dollar. A stronger yen makes Japanese goods more expensive overseas and hurts repatriated revenues. Shares in Toyota Motor Corp lost 1.77 per cent, Honda Motor Co declined 1.57 per cent, Canon Inc fell 0.93 per cent and construction machinery maker Komatsu Ltd was down 0.69 per cent. The Dow Jones Industrial Average shed 0.62 per cent Wednesday amid lingering concerns about the eurozone debt crisis. After the close of markets in New York, Moody's rating agency downgraded Spain's government bonds another three notches, citing its plans to borrow up to 100 billion euros (125 billion dollars) from the European Financial Stability Facility (EFSF) or its successor. In Tokyo, on currency markets at 11:30 am, the dollar traded at 79.41-44 yen, down from Wednesday's 5 pm quote of 79.56-58 yen. The euro was quoted at 1.2557-2560 dollars, up from 1.2527-2529 dollars late Wednesday, and at 99.73-78 yen, up from 99.67-71 yen.