Japanese stocks down on Greece concerns, weak euro

Japanese shares fell Thursday morning as export-linked issues were dragged down by a weak euro amid lingering concerns about a possible Greek departure from the eurozone, dpa reported. The benchmark Nikkei 225 Stock Average lost 24.55 points, or 0.29 per cent, to trade at 8,532.05 at the end of the morning session at 11:30 am (0230 GMT). The Nikkei fell 1.98 per cent Wednesday. The broader Topix index was down 2.41 points, or 0.33 per cent, at719.16. Exporters were down as the euro fell sharply just below the 100-yen line against the yen. A stronger yen makes Japanese goods more expensive and erodes repatriated earnings. Shares in Canon Inc plunged 3.56 per cent, Sony Corp declined 0.91 per cent, Honda Motor Co lost 1.52 per cent and Toyota Motor Corp was down 0.49 per cent. On currency markets at 11:30 am, the euro traded at 99.87-90 yen, down from Wednesday's 5 pm quote of 100.67-71 yen, and at 1.2567-2570 dollars, down from 1.2661-2663 dollars. The dollar was quoted at 79.48-50 yen, little changed from 79.51-53 yen late Wednesday.