The Tokyo stock market sank in morning trading Monday worse-than-predicted economic data and the yen’s rise against the dollar.
The benchmark Nikkei 225 Stock Average dropped 11.31 points, or 0.13 per cent, to trade at 8,860.34 at the end of the morning session at 11:30 am (0230 GMT).
The broader-based Topix index was down 0.86 points, or 0.12 per cent, at 736.03.
The government said gross domestic product grew at an annualized rate of 0.7 per cent over the April-June quarter, about half the official forecast.
The current account surplus fell year-on-year for the 17th straight month in July by 40.6 per cent, the government said.
On currency markets at 11:30 am, the dollar traded at 78.23-26 yen, down from Friday’s 5 pm quote of 78.92-94 yen.
The euro was quoted at 100.05-10 yen, up from 100.00-04 yen late Friday, and at 1.2791-92 dollars, up from 1.2671-73 dollars.
A stronger yen makes Japanese goods more expensive overseas and erodes repatriated earnings.
Keywords: Japan stocks movement