Shares fell sharply on the Tokyo Stock Exchange Thursday morning with the key Nikkei index at one point dropping to a new low for the year on concerns over the future of the world economy and a rapidly appreciating yen.
Immediately after the opening Tokyo shares plunged across the board. The drop followed the quick rise of the yen against the dollar and Euro on the foreign exchange market and an overnight plunge in share prices in New York that saw the Dow Jones industrial average lose more than 500 points.
The Nikkei average of 225-selected issues ended the morning session at 8,195, down 478 points from Wednesday's close.
The broader TOPIX index of all first-section issues was down 42 points to finish the morning at 846.
Market concerns are growing that a rapid rise of the yen may have a serious impact on corporate earnings of Japanese exporters and on Japan's economy as a whole.
Market sources say there are also renewed worries that market jitters worldwide may continue for some time as a result of the rapid depreciation of the Euro and currencies of emerging economies.
The sources say investors placed sell orders due to concerns over corporate earnings, with many Japanese firms scheduled to release their mid-year earnings reports starting this week.
2008/10/23 12:52
(NHK)
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