Tokyo Stocks Plunge for Third Day
(MENAFN) Tokyo’s stock market declined for the third day running on Monday as investor confidence weakened in the wake of U.S. military strikes targeting Iranian nuclear sites, triggering widespread selling when the market opened.
The key Nikkei 225 index ended the day at 38,354.09, down by 49.14 points or 0.13% compared to the previous session.
The market’s early losses were driven by mounting worries about escalating geopolitical tensions and soaring oil prices. West Texas Intermediate crude futures jumped on the New York Mercantile Exchange, stoking concerns over a potential deepening of Japan’s trade deficit.
Later in the trading day, the sell-off eased somewhat as the yen dropped against the U.S. dollar, providing a boost to export-focused companies.
The broader Topix index also recorded its third consecutive daily drop, closing 10.08 points, or 0.36%, lower at 2,761.18.
On the Tokyo Stock Exchange Prime Market, 915 stocks fell, while 653 gained and 58 remained unchanged.
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