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Tokyo stocks close lower as yens rise weighs, tech issues underperform
Last Updated: 2018-10-10 11:31 | Xinhua
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Tokyo stocks closed lower Tuesday as exporter-linked issues lost ground following the yens rise against the U.S. dollar and tech issues underperformed tracking their counterparts losses on Wall Street.

The 225-issue Nikkei Stock Average dropped 314.33 points, or 1.32 percent, from Friday to close the day at 23,469.39.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 31.53 points, or 1.76 percent, lower to finish at 1,761.12.

Tokyo stocks were pressured throughout the day, with negative investor sentiment compounded by the yens rise against the U.S. dollar, local brokers said.

Exporters tend to cheer a weaker yen versus its major counterparts as firms here, widely exposed to overseas markets, see their competitiveness and profit outlooks boosted under such circumstances.

"The yen's climb against the dollar after its recent retreat widely capped exporters' upside while a plunge in Shanghai stocks Monday dampened market sentiment," Hiroaki Kuramochi, chief market analyst at Saxo Bank Securities Ltd., was quoted as saying.

Technology shares also faced selling Tuesday following their U.S. counterparts underperforming, market strategists also added.

By the close of play, electric appliance, transportation equipment and mining-oriented issues comprised those that declined the most, and falling issues beat rising ones by 1,823 to 247 on the First Section, while 40 ended the day unchanged.

On the main section on Tuesday, 1,568.50 million shares changed hands, rising from Friday's volume of 1,489.05 million shares.

The turnover on Tuesday came to 3,038.0 billion yen (26.85 billion U.S. dollars).

Markets here were closed on Monday for a national holiday.

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