Tokyo Stocks Down 0.31% By Break

Tokyo stocks fell 0.31 percent on Thursday morning after five days of gains, with the market dragged down by a stronger yen in thin holiday trade.

The Nikkei 225 index at the Tokyo Stock Exchange slipped 54.64 points to 17,799.59 by the break, while the Topix index of all first-section issues was down 0.29 percent, or 4.12 points, at 1,421.90.

The benchmark Nikkei had gained more than six percent over the past five trading days on confidence in the US economy and the yen’s drop against the dollar, which is a plus for Japanese exporters.

But on Thursday the dollar edged down to 120.14 yen against 120.44 yen in New York.

In Tokyo trade, Japan Airlines tumbled 4.70 percent to 3,545.0 yen after the leading Nikkei business daily reported that Japan’s government decided to scrap a corporate tax waiver previously granted to the once-bankrupt firm.

Source : AFP