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Tokyo stocks fall on profit taking

Tokyo, Nov 16 (DPA) Stocks in Tokyo made initial gains in Tuesday morning trading but fell back due to profit taking.

The benchmark Nikkei 225 Stock Average lost 21.99 points, or 0.22 percent, to stand at 9,805.52 while the broader Topix index was down 3.99 points, or 0.47 percent, at 847.57.

Shares in export-oriented companies were boosted by a weakening of the yen against the dollar.

On currency markets at 9 a.m. (0000 GMT), the dollar traded at 83.16-20 yen, up from Monday’s 5 p.m. quote of 82.81-82 yen.

The euro traded at $1.3573-74, down from $1.3665-66 Monday, and at 112.88-95 yen, down from 113.16-20 yen.

A weaker yen makes Japanese goods more competitive abroad and improves overseas earnings when the revenues are repatriated.

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