Monday, September 30, 2013
Nikkei Dips Below 14,500 On Wall St Losses, Yen's Rise
TOKYO (NQN)--Tokyo stocks opened sharply lower Monday, with the Nikkei Stock Average plunging 229.45 points to start the day at 14,530.62.
The benchmark index briefly widened its losses to more than 300 points to fall below 14,500 in response to conflict between Democrats and Republicans over the U.S. budget for the next fiscal year. The Nikkei average dipped below 14,500 during trading hours for the first time since Thursday.
A decline in the Dow Jones industrial average on Friday and the dollar's depreciation to the upper-97 yen level are also prompting selling of automakers and other exporters. Also pushing down Tokyo stocks is the government's announcement before the bell that the industrial production index for August fell 0.7% on the month.