Technology

Tokyo stocks dive after United States sell-off

Tokyo stocks dive after United States sell-off

Japan's benchmark Nikkei 225 index fell more than 1,500 points at its lows on Tuesday, but the benchmark pared some of those losses ahead of its close.

Tokyo stocks retreated from the morning and extended losses throughout the day as investors offloaded issues following the Dow's record daily point loss and on concerns of a continued drop in US equities and stock futures, market strategists here said.

In the afternoon, the dollar slipped below ¥108.50 as the Nikkei extended its losses and briefly nosed-dived more than 1,600 points, or about 7 percent.

Key Asian equities fell for the second consecutive session after heavy sell-off in USA equities. The S&P (Standard and Poor's) 500 also had a bad day, losing just over four percent to finish at 2,648 points. A higher yen sucks up the value in the Japanese stock market. This triggered a sell-off on Wall Street and sparked a global rout.

Market players are closely watching whether USA equities will fall further, said an official of a foreign exchange margin trading service firm.

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Analysts who spoke with VOA had been expecting a stock market "correction" (a decline of about 10% from recent highs) as a result of the record run up in stock prices this year.

Markets were now entering "a correction phase", he said.

The dollar was trading at 109.10 yen against 109.13 yen in NY, sharply lower than rates around 110 yen seen a day earlier.

Sony lost 4.0 percent to 5,345 yen and Nintendo plunged 4.60 percent to 44,750 yen. The Dow Jones Industrial Average posted a record intra-day loss of more than 1,500 points, in response to a spike in long-term United States interest rates.

With the "safe haven" yen appreciating against the USA dollar, exporters lost ground, with Hino Motors falling 5.7 percent, to 1,433 yen, while Toyota Motor dropped 2.9 percent to finish the day at 7,286 yen.


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