Tokyo stocks close below 9,000

Tokyo stocks closed below 9,000 for the first time in two weeks Wednesday, in response to overnight losses on Wall Street, a slump in cyclical issues and the rise of the yen. The Nikkei Stock Average finished at 8,906.70, down 184.84 points, or 2.03%. It dipped below 9,000 for the first time since reaching 8,807 on Sept. 11. The benchmark index briefly fell below 8,900., according to the (Nikkei.com) website. The market lost ground in line with overnight losses on Wall Street, mainly due to profit-taking. The strengthening of the yen also contributed to the downtrend, dragging down cyclical issues such as carmakers and machinery manufacturers. The yen briefly weakened, but the stock market and Nikkei Average barely moved in response to the news.