Nikkei loses three percent on Wall Street plunge

March 2nd, 2009 - 10:30 am ICT by IANS  

Tokyo, March 2 (DPA) Japan’s key Nikkei 225 Stock Average lost more than three percent Monday following Wall Street’s decline before the weekend and the yen’s advance against the dollar.
The benchmark Nikkei 225 Stock Average plunged 242.46 points, or 3.2 percent, to 7,325.96.

The broader Topix index of all first section issues was also down 18.6 points, or 2.56 percent, to 738.11.

Tokyo investors sold mainly export-oriented issues as the stronger yen affects Japanese firms’ earnings. Friday, the US Dow Jones index fell to its lowest level since May 1997.

On currency markets at 9 a.m. (0000 GMT), the dollar traded at 97.20-25 yen, down from Friday’s 5 pm quote of 97.85-88 yen.

The euro traded at $1.2600-05 , down from late Friday’s quote of $1.2702-05, and at 122.50-55 yen, down from 124.31-35 yen.

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