Japanese stocks drop on Wall Street fall

Japanese shares declined in Thursday morning trading after overnight losses on Wall Street and as a stronger yen hurt export—oriented issues. The benchmark Nikkei 225 Stock Average lost 73.34 points, or 0.72 per cent, to trade at 10,113.5 while the broader Topix index was down 6.28 points, or 0.69 per cent, at 904.36.

On currency markets at 9 am (0000 GMT), the dollar traded at 91.78—82 yen, down from Wednesday’s 5 pm quote of 91.91—93 yen. The euro traded at 1.2383—1.2387 dollars, up from 1.2194—2196 dollars Wednesday, and at 113.66—70 yen, up from 112.08—12 yen. A stronger yen makes Japanese exports less competitive and erodes overseas profits when the revenues are repatriated.