Japan's Nikkei 225 in Correction After 10% Tumble Since January
Tuesday, 6 February 2018 13:51 WIB |
MARKET UPDATE |Nikkei 225Saham JepangIndeks acuan Nikkei 225Topix JepangJapan Topix
Japan's blue-chip Nikkei 225 Stock Average entered a correction as the nation's shares posted the biggest decline since November 2016, following U.S. peers lower amid rising concern that inflation will force interest rates higher.
Topix tumbled 4.4% to close at 1,743.41 in Tokyo, biggest drop since Nov. 2016, while Nikkei 225 fell 4.7% to close at 21,610.24, biggest decline since Nov. 2016. Yen rose 0.1% to 108.94 per dollar after gaining 1% Monday.
Electronics and chemicals companies were the biggest drags on the benchmark Topix, with volume more than double the 30-day average.
The Nikkei 225 retreated more than 10 percent from its 26-year closing high set on Jan. 23. Japanese equities had a euphoric start this year with analysts echoing the prospect of sustained global economic growth, backed by solid corporate earnings.
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