Friday, October 25, 2013
Nikkei Skids 2.8% On Yen's Rise
TOKYO (NQN)--Tokyo stocks fell sharply Friday, with the Nikkei Stock Average sliding 398.22 points, or 2.8%, to end the day at 14,088.19, the session low.
The benchmark index closed at its lowest point since Oct. 9 and suffered its steepest decline since Aug. 7, when it fell 576 points.
A stronger yen prompted selling from early in the morning. In the afternoon, selling of Nikkei futures gathered pace, prompting selling of cash stocks. The dollar's depreciation to the lower-97 yen range put downward pressure on blue-chip exporters, and investors sold a broad range of stocks to close out their positions before the weekend.
Preliminary trading value for stocks listed on the first section of the Tokyo Stock Exchange totaled about 2.08 trillion yen.