Japanese stocks fall on high yen

Japanese shares slid Monday for the second consecutive trading day of decline on the yen's strength against the euro and worsening business confidence. The benchmark Nikkei 225 Stock Average lost 73.65 points, or 0.83 per cent, to end at 8,796.51 while the broader-based Topix index was down 5.07 points, or 0.69 per cent, at 732.35, DPA reported. Confidence among large Japanese manufacturers fell in September for the first time in three quarters amid slow growth in China and the eurozone debt crisis, the Bank of Japan's Tankan survey showed. The index for the quarterly survey slid to minus 3 from minus 1 three months ago, the central bank said. Export-oriented stocks traded broadly lower as the yen was standing at the upper-99-yen level to the euro. A stronger yen makes Japanese products more expensive overseas and hurts repatriated revenues. On currency markets at 3 pm (0600 GMT), the dollar traded at 77.87-89 yen, up from Friday's 5 pm quote of 77.57-58 yen. The euro was quoted at 99.89-92 yen, down from 100.31-35 yen late Friday, and at 1.2827-2830 dollars, down from 1.2931-2932 dollars.