Japan stocks fall on profit-taking, stronger yen

Japanese shares declined Thursday for the first fall in three days, with export-linked issues hurt by the yen's strength, and as investors sold stocks to lock in quick profits after recent gains, according to dpa. The benchmark Nikkei 225 Stock Average lost 24.37 points, or 0.27 per cent, to end at 9,079.8 after gaining 0.41 per cent Wednesday. The broader-based Topix index was down 2.33 points, or 0.3 per cent, at 776.37. Exporters were down as the yen advanced further against major currencies in the afternoon, hovering around the upper-99-yen level to the euro. A stronger yen makes Japanese goods more expensive overseas and hurts repatriated revenues. Shares in Panasonic Corp fell 2.05 per cent, Canon Inc declined 0.16 per cent, Nissan Motor Co lost 0.92 per cent and Honda Motor Co was down 0.62 per cent. On currency markets at 3 pm (0600 GMT), the dollar traded at 79.74-78 yen, little changed from Wednesday's 5 pm quote of 79.77-79 yen. The euro was quoted at 1.2531-2534 dollars, down from 1.2580-2582 dollars late Wednesday, and at 99.94-98 yen, down from 100.35-39 yen.