Tokyo stocks down on stronger yen

Tokyo stocks down on stronger yenTokyo - Tokyo stocks fell Tuesday as investors dumped financial shares on worries that the market may become overheated and also export-oriented issues on a stronger yen.

The benchmark Nikkei 225 Stock Average dropped 136.31 points, or 1.44 per cent, to 9,315.67.

The broader Topix index of all first-section issues was also down 11.26 points or 1.25 per cent, to 889.19.

The market gave up gains from a six-month closing high the day before with investors selling shares to avoid overheating the market.

Exporters were also hurt by a stronger yen following the overnight losses on Wall Street.

On currency markets at 9 am (0000 GMT), the dollar traded at 97.57-62 yen, down from Monday's 5 pm quote of 98.27-29 yen.

The euro traded at 1.3582-87 dollars, down from late Monday's quote of 1.3607-08 dollars, and at 132.58-63 yen, down from 133.72-76 yen.