Tokyo stocks end lower as yen strengthens to year-high

TOKYO, Sept. 13 (Xinhua) — Tokyo stocks closed lower on Friday with the market pressured as the Japanese yen hit its highest level of the year against the U.S. dollar.
Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 251.51 points, or 0.68 percent, from Thursday to close the day at 36,581.76.
The broader Topix index, meanwhile, finished 21.36 points, or 0.82 percent, lower at 2,571.14.
In the forex market, the yen rose to as high as 140.60 against the dollar in Tokyo, marking a new year-to-date high.
Market watchers here noted that concerns over the impact of the stronger yen on export profits led to widespread selling in auto and machinery stocks, dragging down the broader market.
At one point, the Nikkei’s losses extended close to 400 points as overseas short-term investors increased their selling of stock index futures in response to the yen’s gains.
Despite the overall decline, rises of semiconductor-related stocks such as Tokyo Electron and Advantest, tracking overnight Wall Street gains, helped to cushion the market, according to local analysts.
On the top-tier Prime Market, decliners were led by rubber products, transportation equipment and pharmaceutical issues.
Declining issues outnumbered advancers by 1,234 to 358, with 51 issues remaining unchanged. ■