Nikkei Continues to Slide — FinspreadsJanuary 24, 2013
LONDON–(Marketwire – January 23, 2013) – Finspreads: Japan’s Nikkei fell for a third consecutive day at the close of trading on Wednesday (January 23rd), with shares retreating on the back of a stronger yen.
A stronger yen hit shares in many of the country’s exporters, with Toyota dropping by two per cent, and Nikon slipping by three per cent.
Shippers, security companies, insurers, and steelmakers also saw their shares fall.
The drop was the Nikkei’s biggest one-day retreat in a week, and took the market even further away from its 32-month high on January 15th.
Monday (January 21st) saw Japan’s central bank announce an inflation target of two per cent, also committing itself to an open-ended asset purchasing program. Such decisions were expected by many in the market, but there was concern that it would not begin until 2014, causing the value of the yen to firm.
At the end of trading in Tokyo, the Nikkei had lost 222.94 points, a drop of 2.08 per cent, to stand at 10,486.99 points.
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