Japanese stocks fell for a third-straight day Thursday as investors sold exporters on a climbing yen, while beleaguered Toyota Motor Corp. lost 0.2 percent despite testimony by its president before U.S. lawmakers, according to AP. The benchmark Nikkei 225 stock declined 96.87 points, or 1.0 percent, to 10,101.96, bucking overnight gains on Wall Street. The broader Topix index edged down 0.5 percent to 891.41. «Sentiment turned downbeat as the yen continued to climb in the afternoon session, pressuring export-linked shares,» said Masatoshi Sato, market analyst at Mizuho Investors Securities Co. Ltd. A strong yen hurts Japanese exporters as it cuts their overseas profits. The dollar stood at 89.44 yen in Tokyo Thursday afternoon, down from 90.10 yen in New York late Wednesday. Sato said sentiment was sluggish on a disappointing U.S. report on new home sales, which plunged to a record low in January. The result sparked fresh concern over a recovery in the world's biggest economy. Among blue chips, Toyota slipped 0.2 percent to 3,270 yen, marking the third consecutive day of decrease. Toyota President Akio Toyoda appeared before Congress Wednesday and repeatedly apologized for safety problems that have resulted in massive global recalls. The recall crisis battered Toyota's pristine reputation for safety and quality. Toyoda told U.S. lawmakers great strides were being taken by his company to put «safety first.» Toyota shares have plunged 22 percent, wiping out nearly $28 billion of the company's market capitalization since it announced a U.S. recall on Jan. 21. Toyota's rival, Honda Motor Co., fell 1.1 percent to 3,060 yen. Nissan Motor Co. shed 1.7 percent to 708 yen. Sony Corp. lost 2.1 percent to 3,045 yen. In currencies, the euro slipped to $1.3472 from $1.3534.
