Tokyo shares end morning sharply lower on Wall St tumble, stronger yen |
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Wed, 29 Aug 2007 03:44
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TOKYO (Thomson Financial) - Tokyo shares ended the morning session sharply lower Wednesday as investors again fret about the health of the US economy after Wall Street tumbled on fears the Federal Reserve may not cut its key funds rate target.Concerns that the Federal Reserve will not cut its target rate arose after the minutes of the Fed's Aug 7 meeting indicated that the deterioration in financial conditions might need a 'policy response' but that the Fed is still concerned about inflation pressure.The yen's strength this morning also dampened sentiment on stocks of Japanese export companies.The blue-chip Nikkei 225 Stock Average ended the morning session down 422.62 points or 2.6 percent at 15,864.87, off a low of 15,834.15. The index slipped back below the key 16,000 mark for the first time since August 22.The broader TOPIX index declined 44.11 points or 2.8 percent to 1,540.49, off a low of 1,537.14.Decliners were overwhelming gainers 1,586 to 79, while 38 issues were unchanged.The volume of trade was 751.1 million shares, rising from 660.8 million on Tuesday morning.(1 US dollar = 114.00 yen)kaori.kaneko@thomson.comkk/jgkk/jgCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Tokyo shares end morning sharply down after Wall Street retreat 