Tokyo stocks tumble more then 5% by close
Telequote, (30/5) -- Tokyo stocks plunged more than five percent
Thursday as jittery investors dumped shares on the back of a stronger
yen and after Wall Street fell on concerns over global growth.
The benchmark Nikkei 225 index lost 5.15 percent, or 737.43 points, to 13,589.03, while the Topix index of all first-section shares fell 3.77 percent, or 44.45 points, to 1,134.42.
The loss accelerated from mid-afternoon as a stronger yen dragged on the Japanese market -- yen trading and the benchmark stock index are closely interlinked as the value of the unit affects the competitiveness of Japan's exporters.
Tokyo's tumble followed on the heels of a tough session on Wall Street as the Dow Jones Industrial Average fell 0.69 percent to 15,302.80 on concerns over the global economy and recent surges in US bond yields.
Thursday's tumble had Japan's economy minister Akira Amari appealing for calm, saying he hoped 'the market would return to a steady tone once the domestic and international situation stabilise,' the leading Nikkei business daily quoted him as saying.
Hours earlier, Chief Cabinet Secretary Yoshihide Suga, the government's top spokesman, pointed to an Organisation for Economic Cooperation and Development report which slashed its growth forecast for the world's most advanced economies, except Japan.
The OECD report on Wednesday trimmed its world economic growth forecast for 2013 to 3.1 percent from 3.4 percent, sparking concern about the state of the global economy.
In afternoon Tokyo forex trading, the dollar slumped to 100.71 yen against 101.13 yen in New York late Wednesday, while the euro also lost ground against the Japanese unit at 130.71 yen, from 130.87 yen in US trading.
The benchmark Nikkei 225 index lost 5.15 percent, or 737.43 points, to 13,589.03, while the Topix index of all first-section shares fell 3.77 percent, or 44.45 points, to 1,134.42.
The loss accelerated from mid-afternoon as a stronger yen dragged on the Japanese market -- yen trading and the benchmark stock index are closely interlinked as the value of the unit affects the competitiveness of Japan's exporters.
Tokyo's tumble followed on the heels of a tough session on Wall Street as the Dow Jones Industrial Average fell 0.69 percent to 15,302.80 on concerns over the global economy and recent surges in US bond yields.
Thursday's tumble had Japan's economy minister Akira Amari appealing for calm, saying he hoped 'the market would return to a steady tone once the domestic and international situation stabilise,' the leading Nikkei business daily quoted him as saying.
Hours earlier, Chief Cabinet Secretary Yoshihide Suga, the government's top spokesman, pointed to an Organisation for Economic Cooperation and Development report which slashed its growth forecast for the world's most advanced economies, except Japan.
The OECD report on Wednesday trimmed its world economic growth forecast for 2013 to 3.1 percent from 3.4 percent, sparking concern about the state of the global economy.
In afternoon Tokyo forex trading, the dollar slumped to 100.71 yen against 101.13 yen in New York late Wednesday, while the euro also lost ground against the Japanese unit at 130.71 yen, from 130.87 yen in US trading.
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