Japan's Nikkei stock index falls more than 1,500 points — worst point drop since 1990
Japan's benchmark Nikkei 225 (CBOE: .NKXQ) index fell more than 1,500 points on Tuesday, tracking steep losses seen overnight on Wall Street. On Tuesday, the Nikkei tumbled 6.89 percent, or 1,563.21 points, at 12:48 p.m. HK/SIN. The losses followed a massive U.S. sell-off on Monday , which saw the Dow Jones industrial average break below the 25,000 level and erase gains made by the index this year. It was the Nikkei's worst point drop since November 1990, according to Reuters.The broader Topix index was last down 6.3 percent.The Nikkei's losses on Tuesday extended the index's more than 1.5 percent declines in the Monday session, but few blamed domestic factors."There are few factors to pull down Japan['s] stock market except [the] U.S. stock correction," said Masaki Motomura, an equity strategist at Nomura, highlighting expectations for Japanese corporate earnings growth in fiscal 2017 and 2018. The move lower also came as the dollar, which edged up against other major currencies overnight, slipped against the Japanese yen, which is often regarded as a safe-haven currency. The greenback (Exchange: JPY=) fetched 108.46 yen on Tuesday morning. Japan's benchmark Nikkei 225 (CBOE: .NKXQ) index fell more than 1,500 points on Tuesday, tracking steep losses seen overnight on Wall Street. On Tuesday, the Nikkei tumbled 6.89 percent, or 1,563.21 points, at 12:48 p.m. HK/SIN. The losses followed a massive U.S. sell-off on Monday , which saw the Dow Jones industrial average break below the 25,000 level and erase gains made by the index this year. It was the Nikkei's worst point drop since November 1990, according to Reuters. The broader Topix index was last down 6.3 percent. The Nikkei's losses on Tuesday extended the index's more than 1.5 percent declines in the Monday session, but few blamed domestic factors. "There are few factors to pull down Japan['s] stock market except [the] U.S. stock correction," said Masaki Motomura, an equity strategist at Nomura, highlighting expectations for Japanese corporate earnings growth in fiscal 2017 and 2018. The move lower also came as the dollar, which edged up against other major currencies overnight, slipped against the Japanese yen, which is often regarded as a safe-haven currency. The greenback (Exchange: JPY=) fetched 108.46 yen on Tuesday morning.
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