Published: Tue, February 06, 2018
Industry | By Dora Warner

Tokyo stocks plummet in sell-off after Dow's biggest-ever point drop

Tokyo stocks plummet in sell-off after Dow's biggest-ever point drop

The 225-issue Nikkei Stock Average dropped 1,071.84 points, or 4.73 percent, from Monday to close the day at 21,610.24. On Monday, the key market gauge lost 592.45 points.

The Tokyo market accelerated its downswing in the afternoon as market players stepped up selling to avoid further losses, with the Nikkei briefly giving up over 1,600 points.

The Tokyo stock tumble had been already expected in the wake of the Dow Jones industrial average's largest-ever single-day point drop in NY on Monday.

Market players dumped a broad range of Japanese issues following another sharp rise in US bond yields on the back of solid U.S.jobs data and economic expansion, analysts added.

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Toyota, which is to announce earnings later Tuesday, was down 3.14 percent at 7,265 yen while Canon fell 3.15 percent to 4,112 yen.

The dollar was trading at 109.10 yen against 109.13 yen in NY, sharply lower than rates around 110 yen seen a day earlier.

"I think the sell-off was a not-bad position adjustment as prospects grew that the Bank of Japan will persistently carry out its monetary easing policies to support the market", Sengoku said.

"Tokyo stocks will unlikely rebound unless Wall Street turns higher", Fujii said. "It causes a double whammy", said Shane Oliver, head of investment strategy, AMP Capital.

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Falling issues overwhelmed rising ones 2,027 to 35 in the TSE's first section, while three issues were unchanged.

The rout reverberated through the Japanese market, which hit a 26-year peak last month, buoyed by last year's re-election of Prime Minister Shinzo Abe, firm global growth and strong earnings expectations by local companies.

Volume shot up to 3,155 million shares from 1,881 million shares on Monday.

By contrast, food producer Maruha Nichiro and automaker Mitsubishi Motors were among a few winners.

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