Tokyo Stocks Fall 1.05% on Last Day of Japanese Fiscal Year

Tokyo stocks fell 1.05 percent Tuesday as profit-taking erased early gains on the last day of the Japanese financial year, but the Nikkei index still booked a 10 percent gain over the quarter.

The benchmark Nikkei 225 which climbed 0.93 percent in early trade lost 204.41 points to finish at 19,206.99, while the Topix index of all first-section shares fell 0.94 percent, or 14.66 points, to 1,543.11. The broad-based Topix gained 9.63 percent during the first three months of the year.

In early trading, the Japanese market won a measure of support from China’s decision to ease mortgage rules, which fuelled hopes for further stimulus measures.

The People’s Bank of China on Monday lowered minimum down payments on second homes from 60-70 percent to 40 percent in a bid to boost the slowing economy.

In afternoon trade, the dollar was nearly flat at 120.15 yen, against 120.18 yen in New York.

The euro slipped to $ 1.0781 and 129.47 yen, from $ 1.0825 and 130.10 yen in US trade, as investors follow bailout reform talks between Greece and its creditors.

Experts from the IMF and the EU are scrutinising a list of proposed reforms put forward by Athens to try to unblock a new 7.2-billion-euro tranche of loans and avoid a debt default.

Source : AFP