Japanese shares drop after Wall Street takes a battering

  • Reuters
  • Stock Market News
Japanese shares drop after Wall Street takes a battering
Credit: © Reuters.

By Shinichi Saoshiro

TOKYO, Aug 15 (Reuters) - Japanese shares slid to a nine-day low on Thursday morning as investor sentiment was battered by a big slide on Wall Street amid resurgent fears of a global recession.

The Nikkei share average .N225 was down 1.3% at 20,387.17 as of 0157 GMT. The index touched 20,184.85, its lowest since Aug. 6.

All three major U.S. indexes closed down about 3% on Wednesday, with the blue-chip Dow .DJI posting its biggest one-day point drop since October, after the U.S. Treasury yield curve temporarily inverted for the first time in 12 years -considered a classic recession signal. .N

Shares of Japanese exporters retreated as the safe-haven yen JPY= strengthened against the dollar due to the widespread risk aversion.

Toyota Motor Corp 7203.T fell 1.1%, Honda Motor Co 7267.T dropped 1.4%, Panasonic 6752.T shed 2% and Bridgestone Corp 5108.T was down 1.7%.

Financial institutions also took a hit, as the sharp drop in bond yields was seen hurting their profitability. Mitsubishi UFJ Financial Group 8306.T lost 1.1%, Mizuho Financial Group 8411.T retreated 0.9% and Dai-ichi Life Holdings 8750.T sank 2%.

The broader Topix .TOPX was down 1.31% at 1,479.94.

Declining shares outnumbered gainers by 1,994 to 120.

All of Tokyo's 33 sub-indexes were in the red, with oil and coal products .IPETE.T and mining .IMING.T the biggest losers. (Editing by Richard Borsuk)

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles