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Tokyo shares close down after Wall Street rout

Aug 15 2019 11:33
Pedestrians walk past an electric quotation board

Pedestrians walk past an electric quotation board flashing the Nikkei key index of the Tokyo Stock Exchange a day before it finished at 17 818.96, logging a weekly gain of 1.12%. The Nikkei is up more than 9% this year. (Kazuhiro Nogi, AFP)

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Tokyo's benchmark Nikkei index was down sharply on Thursday after Wall Street shares nosedived on fears for the global economy.

The Nikkei 225 index dropped 1.21% to close at 20 405.65, while the broader Topix index lost 1.04% to 1 483.85.

"Today's fall could not be avoided following such a huge drop in US shares," said Daiwa Securities chief technical analyst Eiji Kinouchi.

"The outlook for the global market is quite uncertain now," Kinouchi said.

US stocks plummeted Wednesday amid worsening economic fears after US Treasury yields briefly inverted, flashing a warning sign for a coming recession.

The Dow Jones Industrial Average suffered a loss of about 800 points - its worst day of 2019.

"Worries over the US economic recession grew, while negative economic data for China and Germany also prompted investors to downgrade their views on the global economy," Mizuho Securities said.

The dollar fetched ¥105.91 in Asian afternoon trade, against ¥105.78 in New York.

Tokyo shares were down across the board, with Toyota down 0.84% at ¥6 795, Nissan down 1.11% at ¥655.1, and Sony off 1.30% at ¥5 838.

equities  |  markets  |  tokyo stocks
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