Japanese shares plunged on Wednesday as market sentiment was undermined by the yen’s rise and losses in other Asian bourses.
The benchmark Nikkei 225 Stock Average lost 393.72 points, or 2.59 per cent, to end at 14,830.39 while the broader-based Topix index was down 26.27 points, or 2.13 per cent, at Rs 1,206.94.
By mid-afternoon, China’s Shanghai Composite Index had declined 1.1 per cent and Hong Kong’s Hang Seng Index had lost 1.6 per cent.
In Tokyo, exporters traded broadly lower as the yen rose against major currencies. A stronger yen makes Japanese goods less competitive overseas and erodes repatriated earnings.
On currency markets at 3 pm (0600 GMT), the dollar traded at 102.92—96 yen, down from Tuesday’s 5 pm quote of 103.19—20 yen.
The euro was quoted at 142.61—68 yen, down from 142.91—95 yen late Tuesday, and at 1.3854—3855 dollars, up slightly from 1.3849—3850 dollars.