Japanese shares plummeted on Tuesday as market sentiment was undermined by the yen’s rise and losses in other Asian bourses.
The benchmark Nikkei 225 Stock Average lost 361.75 points, or 2.63 per cent, to end at 13,396.38 while the broader-based Topix index was down 23.86 points, or 2.08 per cent, at 1,125.27.
By mid-afternoon, Hong Kong’s Hang Seng Index had dropped 1.79 per cent and South Korea’s Kospi Index had declined 1.53 per cent.
On currency markets at 3 pm (0600 GMT), the dollar traded at 97.25-26 yen, down from Monday’s 5 pm quote of 97.60-62 yen.
The euro was quoted at 129.84-86 yen, down from 130.09-11 yen late Monday and at 1.3352-3354 dollars, up from $ 1.3327-3329.
A stronger yen makes Japanese goods less competitive overseas and erodes repatriated earnings.