Nikkei Falls 4.6% After China Fears

Tokyo stocks nose-dived Monday, with the Nikkei index ending down more than 4 percent at a six-month low, amid a global flight from riskier assets as concerns of a China-led economic slowdown reached fever pitch.

The 225-issue Nikkei Stock Average ended down 895.15 points, or 4.61 percent, from Friday at 18,540.68, a closing level not seen since Feb. 23. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 92.14 points, or 5.86 percent, lower at 1,480.87.

Every industry category on the main section saw losses, with decliners led by banks, real estate and iron and steel issues.

Stocks opened steeply lower, with investor sentiment crushed following massive declines in Asian, European and U.S. equity markets on Friday. Tokyo issues hemorrhaged further during the day in tandem with the Shanghai Composite index and others across Asia.

The Nikkei saw its largest one-day point drop in more than two years.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza