TOKYO stocks plunged Monday, with the Nikkei stock index ending at its lowest level since 8 January, as crude oil futures surged after US President Donald Trump said power plants will be attacked if Iran does not lift the closure of the Strait of Hormuz.
The 225-issue Nikkei Stock Average ended down 1,857.04 points, or 3.48 per cent, from Thursday at 51,515.49, after briefly losing over 2,600 points. The broader Topix index finished 122.96 points, or 3.41 per cent, lower at 3,486.44. On the top-tier Prime Market, the main decliners were marine transport, nonferrous metal and real estate issues. Japanese markets were closed Friday for a public holiday. The Nikkei index lost over 3,700 points in two trading days amid the escalation in the Middle East conflict.
The US dollar at one point rose to the upper 159 yen range in Tokyo as a flight to safety dominated, but its upside was limited by wariness over possible currency intervention by Japanese authorities after Atsushi Mimura, vice finance minister for international affairs, said earlier in the day that Japan will take “all possible steps” to address speculative moves in the foreign exchange market.
At 5 pm, the dollar fetched 159.58-60 yen compared with 159.18-28 yen in New York at 5 pm Friday. The euro was quoted at $1.1527-1529 and 183.96-184.00 yen against $1.1565-1575 and 184.19-29 yen in New York late Friday afternoon.
Kyodo
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