Tokyo stocks close sharply lower on weak U.S. consumer confidence, stronger yen

TOKYO, Aug. 17 (Xinhua) -- Tokyo stocks closed sharply lower Monday on weak U.S. consumer confidence and a stronger yen.

"With U.S. consumer sentiment weaker than expected, commodity prices falling, and the U.S. dollar depreciating, investors decided to cash in their stockholdings (in Tokyo), too," Fumiyuki Nakanishi, chief equity strategist at SMBC Friend Securities Co., was quoted as saying.

The benchmark Nikkei 225 Average plunged 328.72 points, or 3.10percent, to 10,268.61.

The broader Topix index shed 23.98 points, or 2.46 percent, to 949.59.

Stocks fell across the board, with the biggest losses among real estate, mining, and oil and coal product issues.

Carmakers and other exporters in particular were hit as a weaker U.S. dollar. Nissan Motor fell 25 yen, or over 3 percent, to 704 yen while Sony dived 110 yen, or over 4 percent, to 2,605 yen.

Valule and volume leader Mizuho Financial Group was down 8 yen,or over 3 percent, to 228 yen.

On the First Section, declining issues overwhelmed advancing ones 1,374 to 240, with 77 others remaining unchanged.

Trading volume contracted to 1,966.81 million shares from 2,058.06 million Friday.

The TSE's Second Section index declined 7.28 points, or 0.32 percent, to 2,282.77 on a volume of 41.09 million shares.

On the Osaka Securities Exchange, the near-term September Nikkei 225 index futures contract dropped 340 points to 10,250.