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Japan’s benchmark Nikkei 225 Stock Average plunged 4 per cent for the first fall in two days on Wednesday as market sentiment was undermined by a stronger yen amid concerns about an early exit from the US Federal Reserve’s stimulus programme.
The Nikkei lost 576.12 points, or 4 per cent, to end at 13,824.94 while the broader-based Topix index was down 38.4 points, or 3.22 per cent, at 1,155.26.
On currency markets at 3 pm (0600 GMT), the dollar traded at 96.98-97.00 yen, down sharply from Tuesday’s 5 pm quote of 98.36-37 yen.
The euro was quoted at 129.06-13 yen, down from 130.42-46 yen late Tuesday and at 1.3307-3308 dollars, up from $ 1.3259-3260.
A stronger yen makes Japanese goods less competitive overseas and erodes repatriated earnings.
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