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Nov 4, 2009, 2:04 GMT

Tokyo stocks drop on banking losses

Tokyo - Stocks in Tokyo lost ground in Wednesday's morning trading, led down by financial titles, which dropped following Swiss banking giant UBS AG reporting a forth consecutive quarterly loss. The benchmark Nikkei 225 Stock Average recovered slightly after dropping in early trading, losing 0.07 per cent, or 6.67 points to 9,796.28. The broader-based Topix index was down 1.67 points, or 0.19 per cent, to 878.87. Markets had been closed Tuesday for a public holiday. On currency markets at 9 am (0000 GMT), the dollar traded at 90.40-43 yen, up from 90.20-28 yen from Tuesday's 5 pm quote in New York. The euro was at 1.4731-33 dollars, up from 1.47-19-29 dollars the previous day, and at 133.18-20 yen, up from 132.99-133.09 yen.

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