TOKYO , Dec. 16 -- ( Kyodo ) _ (EDS: ADDING INFO) The Nikkei stock index fell Monday morning, with export-oriented shares drawing selling after the U.S. dollar slipped from its highest level in more than five years near the 104 yen line. The 225-issue Nikkei Stock Average shed 99.78 points, or 0.65 percent, from Friday to 15,303.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 6.68 points, or 0.54 percent, to 1,232.20. Automaker, consumer finance and textile sectors fell in particular while warehouse, air transport and utility sectors gained ground. The Nikkei opened higher but soon fell into the negative territory and expanded its losses to about 140 points at one point in thin trading ahead of the U.S. Federal Reserve's Federal Open Market Committee meeting on Tuesday and Wednesday. The market showed muted reaction to a Bank of Japan business sentiment survey, released shortly before the market opening, as it was largely within expectations, brokers said. The survey showed business confidence among large Japanese manufacturers improved in December from three months earlier for the fourth straight quarterly improvement but big companies lowered their capital investment plans for the current fiscal year. "With the FOMC meeting coming up soon, trading activity is unlikely to rise," said Hiroichi Nishi , assistant general manager of equity research at SMBC Nikko Securities Inc. Nishi said that the yen's strengthening against the dollar weighed on export-oriented companies such as Toyota Motor , but the market's downside will likely be supported by the view that the global economy is on track for a recovery and trading charts suggesting the market's firmness. The dollar fell to the lower end of the 103 yen range in the morning, pulling away from its spike to 103.92 yen Friday, its highest level since October, 2008. Exporting companies were hit by selling, with Sony falling 13 yen , or 0.72 percent, to 1,800 yen , Panasonic losing 11 yen , or 1.0 percent, to 1,147 yen and Toyota Motor shedding 60 yen , or 1.0 percent, to 6,120 yen . Honda Motor was down 75 yen , or 1.8 percent, to 4,100 yen after announcing a recall of nearly 20,000 Acura MDX luxury sport utility vehicles in the United States due to a propeller shaft problem. On the First Section, declining issues outnumbered advancing ones 1,126 to 490, while 155 finished the morning unchanged.
Most Popular Stories
- Tesla's Alt-Energy Future Aims for Massive Lithium-Ion Battery Production
- FAA to Appeal Court Decision Allowing Commercial Drone Use
- New Chat App, Yik Yak, Causes Problems for Students
- Rand Paul Tops Presidential Straw Poll at Conservative PAC Conference
- Obama Meets with Ukraine Prime Minister Wednesday
- Gas Prices May Jump from Calif. Emissions Law