Japanese shares were down nearly 1 per cent Thursday morning following overnight losses on Wall Street and European markets as export-oriented issues were hurt by the yen’s rise against the euro.
The benchmark Nikkei 225 Stock Average had lost 84.63 points, or 0.98 per cent, to 8,531.02 by the end of the morning session at 11 am (0200 GMT).
The broader-based Topix index was down 5.73 points, or 0.76 per cent, at 748.34.
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Exporters such as Toyota Motor Corp and Sony Corp declined as the euro fell against the yen, hovering around the upper-103-yen range.
Toyota dropped 2.43 per cent and Sony was down 2 per cent.
A strong yen makes Japanese goods more expensive overseas and hurts repatriated earnings.
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The blue-chip Dow Jones Industrial Average lost 1.60 per cent amid renewed concerns about European Union countries’ handling of the Greek debt crisis.
On currency markets at 11 am, the dollar traded at 76.56-58 yen, up from Wednesday’s 5 pm quote of 76.42-43 yen.
The euro traded at 1.3556-3558 dollars, down from 1.3638-3639 dollars Wednesday, and at 103.78-82 yen, down from 104.22-24 yen.