Tokyo Stocks Plunge
Sep. 11, 1998
TOKYO (AP) _ Japanese stock prices plunged almost across the board Friday morning following a steep fall on Wall Street. The dollar fell against the yen.
The Nikkei Stock Average shed 562.48 points, or 3.83 percent, moving to 14,103.55 at the end of the morning session. On Thursday, the index had fallen 89.51 points, or 0.61 percent.
Stocks fell as the plunge in New York renewed concerns over the global economy and the condition of the U.S. economy. The Dow Jones industrial average tumbled 249.48 points to 7,615.54, its sixth-worst point-loss, amid earnings worries and fears that President Clinton may be forced to resign or be impeached.
Investors were also concerned by the plunge in stock prices across Latin America. The Brazilian market Thursday posted its steepest fall in one session since 1990, with the Sao Paulo Stock Exchange's Bovespa Index plunging 15.8 percent.
``The Tokyo market is being affected by the fall in stock markets around the world,'' said Yasuo Ueki, general manager at Nikko Securities.
The Tokyo Stock Price Index of all issues listed on the first section was down 30.53 points, or 2.75 percent, to 1,079.38. The TOPIX closed down 6.10 points, or 0.55 percent, the previous day.
In foreign exchange trading, concerns over the U.S. economy and Clinton's escalating problems weighed heavily on the dollar.
The dollar bought 134.41 yen in midday trading, down 1.29 yen from late Thursday in Tokyo but above its late New York level of 134.23 yen.
The yield on the 10-year Japanese government bond dropped to a record low of 0.780 percent from Thursday's finish of 0.840 percent, the previous record-low level. Its price rose to 114.72 from Thursday's 114.27.