Nikkei Nosedives over 2,000 Points in Morning

Tokyo Stock Exchange
TOKYO (Jiji Press) — Japan’s benchmark Nikkei 225 stock average took a plunge of over 2,000 points in Tokyo trading on Friday morning, reflecting dampened investor sentiment amid rising concerns over the course of the U.S.. economy.
At 10:06 a.m., the Nikkei stood at 36,107.29, down 2,019.04 points, or 5.30%, from Thursday. If the index stays around this level until the day’s closing, it will mark the second largest drop on record.
Tokyo market players moved to sell a wide range of stocks, following falls in all three key U.S. stock indexes on Thursday, which came after economic data released on the day hinted at a U.S. economic slowdown.
The yen entering a correction phase after its historic depreciation also weighed on Tokyo equities, with expectations of upswings in corporate earnings thanks to a weaker yen rapidly waning, market sources said.
In Tokyo currency trading, the dollar was at ¥149.38-38 at 10 a.m., down from ¥149.85-85 at 5 p.m. Thursday.
Meanwhile, Japanese government bonds attracted buying, reflecting overnight rises in U.S. Treasury bonds and the day’s tumble of the Nikkei average.
In Tokyo interdealer bond trading, the yield on the latest 10-year JGB issue, Japan’s benchmark long-term interest rate, dropped 0.070 percentage point from late Thursday to 0.960%, the lowest level since June 20.
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