Business News
Japanese shares plunge as more US monetary easing unlikely
Apr 4, 2012, 6:44 GMT
Tokyo - Japan's benchmark Nikkei 225 Stock Average dropped 2.3 per cent Wednesday as market sentiment was hurt by indications that the Federal Reserve was unlikely to mull further measures to stimulate the US economy.
The Nikkei lost 230.4 points, or 2.29 per cent, to end at 9,819.99, the lowest in a month.
The broader Topix index was down 15.66 points, or 1.84 per cent, at 835.36.
Exporters dropped after overnight losses on Wall Street. The United States is a major market for export-reliant Japan.
Shares in Honda Motor Co fell 3.13 per cent, Sony Corp declined 2.93 per cent, Toyota Motor Corp dropped 1.97 per cent and Canon Inc lost 1.89 per cent.
The Dow Jones Industrial Average shed 0.49 per cent Tuesday after minutes released from the Federal Reserve's latest meeting showed the central bank was unlikely to consider additional monetary easing to spur the economy.
On currency markets at 3 pm (0600 GMT) in Tokyo, the dollar traded at 82.60-62 yen, up from Tuesday's 5 pm quote of 82.07-08 yen.
The euro was quoted at 109.02-03 yen, down from 109.47-51 yen late Tuesday, and at 1.3197-3198 dollars, down from 1.3338-3339 dollars.
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