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Nikkei dives nearly 10 per cent

business Updated: Oct 08, 2008 13:10 IST
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Japan's benchmark Nikkei 225 Stock Average on Wednesday nosedived to the lowest closing level since June 2003 in a five-day losing streak on heavy selloffs amid mounting concerns over the global recession.

The Nikkei plunged 952.58 points, or 9.38 percent, to end at 9,203.32.

The broader Topix index of all first-section issues fell 78.6 points, or 8.04 per cent, to 899.01.

Wednesday's losses in the Tokyo market were the third biggest one-day drop in post-war Japan.

As the Tokyo stocks continued to fall on Wednesday, the Bank of Japan pumped 2.1 trillion yen ($20.57 billion) into the money market to ease disruptions in the financial system.

On currency markets at 0600 GMT, the dollar tumbled to 99.94 yen, down from Tuesday's 5 pm quote of 102.63-66 yen.

The dollar sank to the 99-yen level for the first time since April 1.

The euro was quoted at $1.3576-79 at midday, almost unchanged from Tuesday's 5 pm quote of 1.3575-78 dollars, and at 135.64-70 yen, down from 139.33-40 yen.