Nikkei dives nearly 10 percent

IANS

Asia

Wed, 08 Oct 2008: 

Tokyo, Oct 8 (DPA) Japan's benchmark Nikkei 225 Stock Average Wednesday nosedived to the lowest closing level since June 2003 in a five-day losing streak on heavy selloffs amid mounting concerns over the global recession.

 

The Nikkei plunged 952.58 points, or 9.38 percent, to end at 9,203.32.

 

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The broader Topix index of all first-section issues fell 78.

6 points, or 8.04 percent, to 899.01.

 

 

Wednesday's losses in the Tokyo market were the third biggest one-day drop in post-war Japan.

 

 

As the Tokyo stocks continued to fall Wednesday, the Bank of Japan pumped 2.1 trillion yen ($20.57 billion) into the money market to ease disruptions in the financial system.

 

 

On currency markets at 0600 GMT, the dollar tumbled to 99.94 yen, down from Tuesday's 5 pm quote of 102.63-66 yen.

 

 

The dollar sank to the 99-yen level for the first time since April 1.

 

 

The euro was quoted at $1.3576-79 at midday, almost unchanged from Tuesday's 5 p.m. quote of 1.3575-78 dollars, and at 135.64-70 yen, down from 139.33-40 yen.