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Japan shares fall on Obama proposal on banks

Japan shares fall on Obama proposal on banks

Japanese stocks plunged Friday, battered by a U.S. proposal for tougher regulations on banks.
The benchmark Nikkei 225 stock average lost 277.86 points, or 2.6 percent, to 10,590.55. The broader Topix index dropped 1.58 percent, to 940.94.
Prices fell almost across the board, including export shares such as technology, autos and electronics hit by a stronger yen.
Sony Corp. fell 1.3 percent to 3,145 yen, while Honda Motor Co. lost 2.4 percent to 3,230 yen. Toyota Motor Corp. plunged 3.2 percent to 4,055 yen, following an announcement it was recalling 2.3 million vehicles in the U.S. over faulty accelerator pedals.
The announcement comes just months after it recalled 4.2 million vehicles due to gas pedals that could become trapped under floor mats, causing sudden acceleration. That problem was the cause of several crashes, including some fatalities.
In currencies, the dollar weakened to 90.29 yen from 90.49 yen. The euro was higher at $1.4136 from $1.4082.