Business | Markets
Japan shares plunge ending weeklong winning streak
Japanese shares have dropped nearly 4 per cent, snapping a seven-day winning streak on fresh worries over the US economy as jittery investors braced for far-worse-than expected US unemployment data.
- AP
- Published: 11:16 January 8, 2009
Tokyo: Japanese shares have dropped nearly 4 per cent, snapping a seven-day winning streak on fresh worries over the US economy as jittery investors braced for far-worse-than expected US unemployment data.
The benchmark Nikkei 225 stock index lost 362.82 points, or 3.93 per cent, to close at 8,876.42 on Thursday. The broader Topix index declined 3.08 per cent to 860.89.
Worries over a further slump in the world's largest economy intensified after the ADP National Employment Report said US private sector employment fell by 693,000 in December, far bigger than the market's estimate of 51,500.
The Nikkei also slumped on profit-taking of exporters, which gained recently on the back of a weakening yen.
Toyota fell 1.9 per cent to 3,140 yen, while Honda sank 2.9 per cent to 2,145 yen.
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