Japanese Stocks, Bonds, Yen Sold amid Energy Fears

Tokyo, April 30 (Jiji Press)--Selling hit Japan's stock and bond markets, as well as its currency, on Thursday amid surging crude oil prices fueled by concerns over the Middle East.

On the Tokyo Stock Exchange, the Nikkei 225 average temporarily fell below 59,000 before closing at 59,284.92, down 632.54 points, or 1.05 pct, from Tuesday. The Tokyo market was closed on Wednesday for a national holiday. The broader TOPIX index fell 44.98 points, or 1.19 pct, to 3,727.21.

In interdealer bond trading, the yield on the most recent issue of 10-year Japanese government bonds, the benchmark for long-term interest rates in the country, reached 2.535 pct, the highest since February 1999, according to Japan Bond Trading Co. Bond prices and yields move inversely.

In Tokyo currency trading, yen selling against the dollar took the upper hand, temporarily lifting the greenback above 160.50 yen, the highest level in about 21 months.

However, the U.S. currency later slid to around 160 yen, following Japanese Finance Minister Satsuki Katayama's remarks that Japan's "decisive action" against the rapid depreciation of the yen is "approaching." At 5 p.m., the U.S. currency stood at 160.14-15 yen, still up from 159.51-54 yen at the same time on Tuesday.

[Copyright The Jiji Press, Ltd.]