Tokyo stocks close lower on yen's rise against U.S. dollar, political concerns

Source: Xinhua| 2017-07-24 16:21:39|Editor: Song Lifang
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TOKYO, July 24 (Xinhua) -- Tokyo stocks closed lower Monday as the yen's appreciation against the U.S. dollar sent exporters lower amid concerns for the future course of the administration of U.S. President Donald Trump after the resignation of press secretary Sean Spicer.

The 225-issue Nikkei Stock Average lost 124.08 points, or 0.62 percent, from Friday to end the day at 19,975.67, marking its lowest close since July 7.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 8.42 points, or 0.52 percent, to finish at 1,621.57.

Insurance, rubber product, and oil and coal product-linked stocks comprised those that declined the most by the close of play Monday, and rising issues outpaced those that declined by 1,061 to 812 on the First Section.

Local traders said in addition to politically-related concerns stemming from Washington, market players were also in a circumspect mood on Monday as Prime Minister Shinzo Abe was grilled in parliament by opposition parties over allegations of cronyism.

Brokers here also said the market mood had been darkened of late by ongoing scandals implicating the prime minister and senior lawmakers, which had led to the support rate for Abe's cabinet tumbling to its lowest level since he took office in 2012.

On the main section on Monday 1,561.43 million shares changed hands, rising marginally from Friday's volume of 1,534.02 million shares.

The turnover on the first trading day of the week came to 1,916.3 billion yen (17.25 billion U.S. dollars).

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