Japan shares plunge on quakes concerns, rising yen, falling oil

Japanese stocks fell 3 per cent Monday for the second straight trading day of fall as investor sentiment was hurt by a stronger yen, falling oil prices and growing concerns about the two major earthquakes that struck the southern island of Kyushu last week.

The benchmark Nikkei 225 Stock Average lost 572.08 points, or 3.4 per cent, to close at 16,275.95 after falling as much as 3.5 per cent.

The broader Topix index was down 41.25 points, or 3.03 per cent, at 1,320.15.

Oil prices fell sharply after top oil producers Sunday delayed an agreement in the Qatari capital Doha to freeze the crude output levels to shore up low prices.

Toyota Motor said Sunday it would halt the assembly of vehicles in stages in Japan because of parts shortages caused by the quakes that killed at least 42 people.

On currency markets at 3 pm (0600 GMT) Monday, the dollar traded at 107.97-98 yen, down sharply from Friday’s 5 pm quote of 109.29-31 yen.

The euro was quoted at 121.82-86 yen, down from 123.04-08 yen late Friday.

Last update: Mon, 18/04/2016 - 09:46
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