Nikkei tumbles five percent due to stronger yen, economic worries

November 13th, 2008 - 12:00 pm ICT by IANS  

Tokyo, Nov 13 (DPA) Japan’s key Nikkei 225 Stock Average fell more than five percent in Thursday morning trading as the market sentiment was dampened due to persistent worries over the US economy and the yen trading stronger against other currencies.The Nikkei index tumbled 5.12 percent, or 445.46 points to 8,250.05.

The broader Topix index of all first-section issues also fell 36.84 points, or 4.21 percent, to 838.39.

Exporters were hurt by the stronger yen as it shaves off Japanese firms’ earnings overseas.

On currency markets at 9 a.m., the dollar fell to 94.78-83 yen from Wednesday’s 5 p.m. quote of 97.94-97 yen.

The euro was quoted at $1.2455-60, down from Wednesday’s 5 p.m. quote of $1.2603-06, and 118.05-15 yen, down from 123.46-50 yen.

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