Japanese stocks tumble to 1-1/2-week lows

Dhaka,  Sat,  23 September 2017
Published : 18 May 2017, 10:32:54

Japanese stocks tumble to 1-1/2-week lows

Japanese stocks tumble to 1-1/2-week lows
Japanese stocks tumbled to 1-1/2-week lows on Thursday morning on worries that allegations against the US President Donald Trump over his interference with a federal investigation would delay his efforts on tax cuts and economic stimulus.

The Nikkei share average dropped 1.8 per cent to 19,457.75 after falling to as low as 19,449.73, the lowest since May 2.

A strong Japanese gross domestic product data released in the early morning was offset by the White House turmoil. 

According to government data, Japan's economy expanded at the fastest pace in a year in the first quarter.

Financials were the biggest hit, with all the insurance , securities and banking sectors plunging more than 3.0 per cent.

Dai-ichi Life Holdings dived 5.0 per cent, Sompo Holdings stumbled 3.4 per cent, Nomura Holdings shedding 4.0 per cent and Mitsubishi UFJ Financial Group declining 3.8 per cent.

Exporters were hammered after the dollar fell to a three-week low of 110.53 yen on Thursday.

Honda Motor Co and Subaru Corp both dropped 2.3 per cent, Tokyo Electron, Fanuc Corp and TDK Corp all tumbled around 3.0 per cent.

Utility shares outperformed, after Kansai Electric Power Co said that it will restart the No.4 reactor at its Takahama nuclear plant.

Kansai was flat, Chugoku Electric Power rose 0.1 per cent and Hokuriku Electric Power added 0.3 per cent.

The broader Topix dropped 1.7 per cent to 1,549.01 and the JPX-Nikkei Index 400 declined 1.7 per cent to 13,822.74, according to Reuters.
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