Tokyo Nikkei plunges to 15-year low as techs fall
TOKYO, Feb 28 (Reuters) - Tokyo's benchmark Nikkei average dropped over two percent in early afternoon trading, falling to a 15-year low as it was dragged down by sharp falls in technology issues.
The average fell as low as 12,784.17, its lowest since December 10, 1985 when it closed at 12,850.95, before recovering slightly to 12,827.68 as of 0345 GMT, down 222.15 points or 1.70 percent.
It has lost all gains accumulated since the bursting of the bubble of inflated stock and land prices in the late 1980s. Its record high was 38,915.87 in December, 1989.
The Nikkei average of 225 blue-chip stocks has been dominated by movements of expensive technology issues since its major component reshuffle last April.
The broader, capital-weighted TOPIX index (^TOPX - news) shed 1.27 percent to 1,238.00, its lowest since last Thursday. |
