Tokyo stocks lower after Europe's debt problem

Tokyo stocks closed lower on Tuesday, extending their losing streak to three sessions, with blue chips leading the declines amid renewed concerns over Europe's sovereign debt problem. The Nikkei Stock Average closed at 8,663.99, down 70.63 points, or 0.81%, dipping below 8,700 for the first time since June 19, according to (Nikkei) website. Blue chips lost ground in response to overnight losses on Wall Street, after German Chancellor Angela Merkel spoke out against joint euro bonds. Shares of exporters fell as the dollar slid to the lower 79 yen level and the euro fell to the lower 99 yen mark. The trading value on the first section of the Tokyo Stock Exchange reached 1.085 trillion yen.