Nikkei loses 4 percent on renewed economic worry

January 8th, 2009 - 4:28 pm ICT by IANS  

Tokyo, Jan 8 (DPA) Japan’s benchmark Nikkei index lost nearly 4 percent at the end of Thursday trading on renewed concerns over the US economy, snapping a seven-day winning streak.The Nikkei 225 Stock Average tumbled 362.82 points, or 3.93 percent, to close at 8,876.42, as investor concerns grew over US job market data.

The broader Topix index of all First Section issues was also down 27.36 points, or 3.08 per cent, to 860.89.

The yen’s advance against the US dollar also led investors to sell mainly export-oriented issues as a stronger yen affects Japanese companies’ earnings.

On the currency markets at midday (0300 GMT), the dollar was quoted at 92.69-74 yen, down from Wednesday’s 5 pm quote of 93.46-49 yen.

The euro was quoted at 1.3590-95 dollars, up from late Wednesday quote of 1.3582-83 dollars, and at 126.03-08 yen, down from 126.95-99 yen.

Tags: , , , , , , , , ,

Posted in Business |