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Japanese stocks tumble 2.6 percent in morning trade in wake of Wall Street sell-off

Japanese stocks tumble 2.6 percent in morning trade in wake of Wall Street sell-off

Japan's benchmark Nikkei 225 stock index plunged 2.59 percent Wednesday morning after a sell-off on Wall Street amid renewed jitters over woes in the U.S. credit market.
The Nikkei dropped 422.62 points to 15,864.87 points at the end of morning session after dipping just 0.1 percent Tuesday. Both Toyota Motor Corp. and Sony Corp. were down 3.5 percent.
Overnight in New York, the Dow Jones industrial average sank 280.28, or 2.10 percent, to 13,041.85, its biggest drop since Aug. 9. Investors grew more uneasy about the U.S. economy and whether the U.S. Federal Reserve will take steps to prevent credit market problems from spreading further.
The stronger yen also prompted traders in Tokyo to sell exporters, whose overseas earnings are eroded by yen appreciation. The dollar was trading at 114.06 yen at 10:50 a.m. (0150GMT) Wednesday, down from 114.56 yen late Tuesday in New York.
With trading volumes low in recent days, traders said it was unlikely the market would bounce back quickly.
The broader Topix index, which includes all shares on the exchange's first section, fell 44.11 points, or 2.78 percent, to 1,540.49 points. The Topix lost 0.20 percent Tuesday.


Updated : 2021-08-06 03:05 GMT+08:00