/www.fxserver.com/ TOKYO (AP) -- Tokyo stocks fell slightly Wednesday morning as the yen strengthened against the dollar and prompted concerns exporter profits may take a hit from the stronger currency.
The benchmark 225-issue Nikkei Stock Average slipped 21.35 points, or 0.24 percent, to 8,671.02 at midday Wednesday. On Tuesday, the average lost 78.92 points, or 0.90 percent, to close at 8,692.97.
The dollar bought 118.96 yen at 11 a.m. (0200 GMT), down 0.41 yen from late Tuesday in Tokyo, but slightly above its level of 118.89 yen in New York late Tuesday.
A stronger yen makes Japanese goods less competitive in overseas markets. It also decreases the repatriated value of overseas profits for Japanese companies.
Major electronics companies NEC and Toshiba were lower after the morning session. Semiconductor sector exporters Advantest and Tokyo Electron also fell.
The broader Tokyo Stock Price Index of all first section issues declined 1.03 points, or 0.12 percent, to 855.67. The TOPIX fell 5.00 points, or 0.58 percent, closing at 856.70 Tuesday.
In New York, bargain hunting extended Wall Street's rally to a second session, lifting stocks to their highest level in two weeks.
The Dow Jones industrial average climbed 132.35, or 1.7 percent, to close at 8,041.15 Tuesday.
The euro bought 127.42 yen late Wednesday morning in Tokyo, down from 128.19 yen late Tuesday. Against the dollar, it traded at US$1.0708, down from US$1.0736.
The yield on Japan's benchmark 10-year government bond fell to 0.8550 percent early Wednesday from 0.8700 percent late Tuesday. Its price rose 0.14 to 99.50.