Japan stocks plunge 3.3 per cent on overseas losses, Ukraine crisis
March 14, 2014 00:00
Tokyo - Japanese shares fell 3.3 per cent Friday after overnight losses on Wall Street and European markets and as investor sentiment was hurt by the yen's rise and the on-going Ukraine crisis.
The benchmark Nikkei 225 Stock Average lost 488.32 points, or 3.3 percent, to end at 14,327.66 while the broader-based Topix index was down 38.76 points, or 3.22 per cent, at 1,164.7.For the week, the Nikkei fell 6.2 per cent and the Topix lost 5.84 per cent.
Export-linked shares traded broadly lower as the yen climbed against major currencies. A stronger yen makes Japanese goods less competitive overseas and erodes repatriated earnings.
On currency markets at 3 pm (0600 GMT), the dollar traded at101.65-67 yen, down from Thursday's 5 pm quote of 102.59-60 yen.
The euro was quoted at 140.79-80 yen, down sharply from 143.17-21 yen late Thursday, and at 1.3848-3849 dollars, down from 1.3954-3956 dollars.