Tokyo Stocks End in Red After Equity Sell Off

Tokyo stocks nose-dived Tuesday as U.S. and European equities sank overnight led by a sell-off in bank shares, fueling concerns about the global economic outlook.

The 225-issue Nikkei Stock Average ended down 918.86 points, or 5.40 percent, from Monday at 16,085.44, a roughly three-week closing low. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 76.08 points, or 5.51 percent, lower at 1,304.33.

Every industry category on the main section lost ground led by securities brokerage, bank and marine transportation issues.

After opening sharply lower, Tokyo stocks accelerated their declines as the yen climbed against the dollar and investors fled to safe-haven bonds. The Nikkei index shed 978 points at one point, its biggest one-day drop since May 2013.

On the First Section, declining issues trounced advancing ones 1,904 to 27, while six ended the day unchanged.

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