Tokyo stocks ends lower for third straight day

Tokyo stocks continued lower Wednesday, with the Nikkei Stock Average falling 112.08 points, or 0.76%, to end the day at 14,620.53. The Dow Jones industrial average closed lower overnight on uncertainty over the US fiscal and monetary policy outlook. This prompted Tokyo investors to dump stocks in the early morning, according to the (Nikkei.com) website. Despite bargain hunting, which briefly pushed the benchmark Nikkei average into positive territory, buying momentum faltered as investors generally stayed on the sidelines ahead the expected announcement of a rise in the consumption tax on Oct. 1, and steps aimed at cushioning the blow. Investors increasingly moved to close out their positions toward the market close, widening Nikkei average's losses to more than 100 points. Trading value on the first section of the Tokyo Stock Exchange totaled about 2.22 trillion yen on a preliminary basis.