Japanese stocks dropped more than 1 per cent amid investor concerns about European debt problems.
|||Japanese stocks dropped more than 1 per cent Wednesday amid investor concerns about European debt problems.
The benchmark Nikkei 225 Stock Average lost 97.98 points, or 1.14 per cent, to 8,518.57, the lowest since April 2009.
The broader-based Topix index was down 8.13 points, or 1.08 per cent, at 741.69.
Tokyo stocks opened higher after overnight gains on Wall Street and European markets. But both the Nikkei and the Topix started to fall in the morning session as investors were concerned about the eurozone's debt woes and the health of the US economy.
Shares fell further in the afternoon as some other Asian markets slumped. By midafternoon, Hong Kong's Hang Seng Index had declined 1.44 per cent and South Korea's Kospi Index had plunged 3.51 per cent.
The yen's strength also weighed on traders as the Japanese currency was hovering around the upper-76-yen range to the dollar. A strong yen makes Japanese goods more expensive abroad and erodes repatriated earnings.
On currency markets at 3 pm (08:00 SA time), the dollar traded at 76.88-89 yen, down from Tuesday's 5 pm quote of 76.96-97 yen.
The euro traded at 1.3632-3633 dollars, up from 1.3584-3585
dollars Tuesday, and at 104.80-84 yen, up from 104.53-55 yen. - Sapa-dpa
Source: http://www.iol.co.za/japan-shares-fall-to-a-low-1.1137435
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