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Inbound tourism stocks languish on stronger yen

Costly currency could blunt visitors' appetite for spending

TOKYO -- Shares of companies reliant on spending by foreign tourists in Japan slid Monday as a strengthening yen spurred concerns of tightening purse strings.

The currency appreciated to as far as the 111 level against the dollar, weighing exporter shares down. Domestically focused companies were rather resistant to the market decline. But many that have generated strong earnings by serving visitors from overseas suffered sharper drops than the Nikkei Stock Average's 0.9%.

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