Tokyo Stocks Close Near 17-Year Low

TOKYO – Tokyo's main stock index fell Monday for the fourth straight session to its lowest close in nearly 17 years, dragged down by weakness in technology shares. The U.S. dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average fell 187.60 points, or 1.64 percent, to 11,257.94 - the lowest finish since Dec. 11, 1984, when it closed at 11,250.83. On Friday, the average closed down 0.60 percent to 11,445.54.

The dollar was trading at 120.26 yen by late afternoon, down 0.28 yen from late Friday in Tokyo and below its level of 120.40 yen in New York later the same day.

On the stock market, selling of technology issues and communications stocks led the decline amid concerns over the slowing U.S. economy - the biggest market for Japanese exports.

In New York, the Dow Jones industrial average lost 151.74 to 10,240.78 at Friday's close amid negative factors including profit warnings from Dell Computer and Gap, job cuts by Ford Motor and a sharp decline in sales of U.S. goods.

The Nasdaq composite index closed Friday at 1,867.01, down 63.31.

The Tokyo Stock Price Index of all issues listed on the first section fell 14.66 points, or 1.25 percent, on Monday to 1,155.15. The index closed down 5.26 points, or 0.45 percent, on Friday.

On the Tokyo Stock Exchange's first section, decliners outnumbered advancers 982 to 321, with 153 closing unchanged. Volume was estimated at 538.41 million shares, down from 765.15 million on Friday.

In currency dealings, the dollar remained under selling pressure against the yen amid uncertainties over prospects for the world's biggest economy.

The dollar ranged between 120.10 yen and 120.55 yen in Monday's trading.

In other currencies, the euro was quoted at 110.22 yen, up from 109.08 yen late Friday in Tokyo.

The yield on the benchmark 10-year Japanese government bond rose to 1.3450 percent from Friday's finish of 1.3000 percent. Its price fell 0.13 point to 100.47.