Nikkei dives 7.3 percent, China worries spark worst rout in two years

TOKYO Thu May 23, 2013 12:47pm IST

A visitor looks at the stock quotation board at the Tokyo Stock Exchange in Tokyo May 20, 2013. REUTERS/Toru Hanai

A visitor looks at the stock quotation board at the Tokyo Stock Exchange in Tokyo May 20, 2013.

Credit: Reuters/Toru Hanai

Related Topics

TOKYO (Reuters) - The Nikkei share average plunged 7.3 percent on Thursday, its biggest one-day percentage drop in two years after weak Chinese factory data rattled investors, prompting them to take profits from a recent rally buoyed by massive Bank of Japan stimulus measures.

The Nikkei ended 1,143.28 points lower at 14,483.98, a two-week low. It was the 11th-largest point drop on record.

The Osaka Securities Exchange briefly suspending trade in Nikkei futures in the afternoon due to steep declines.

Trading was volatile. The benchmark had climbed to a 5-1/2-year high earlier in the session.

The broader Topix index sank 6.9 percent to 1,188.34, with a record high 7.66 billion shares changing hands.

As stocks dropped sharply, investors sought safety in government bonds, with the 10-year Japanese government bond yield down 6 basis points at 0.825 percent.

The 10-year yield hit 1.00 percent in the morning session, its highest since early April last year.

(Reporting by Dominic Lau; Editing by Chris Gallagher)

FILED UNDER:

REUTERS SHOWCASE

2015: India Outlook

2015: India Outlook

India in 2014: A dream run for markets  Full Article 

Funding Woes

Funding Woes

Co-founder of SpiceJet seeks time to finalise rescue  Full Article 

Regulating Airfares

Regulating Airfares

India considers temporary cap on airfares - government official  Full Article 

Flying Back on Course

Flying Back on Course

The inside story of the new Airbus A350 jet  Full Article 

Oil Price Forecast

Oil Price Forecast

Oil prices likely to rebound in second half of 2015: poll  Full Article 

Cyber Attacks

Cyber Attacks

China condemns cyberattacks, but says no proof N.Korea hacked Sony  Full Article 

Connecting Markets

Connecting Markets

China stock connect scheme scorecard throws up surprises  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage