TOKYO:
Tokyo stocks lost nearly three percent in opening trade Friday, after
New York shares suffered big losses on concerns about the valuations of
high-flying technology companies.
The Nikkei 225 index lost 2.88 percent, or 411.32 points, to 13,888.80 in the first few minutes of trade.
"Japan stocks will fall in sympathy (Friday) with their overseas counterparts and there is increasing anxiety about a broader pullback in US shares after such a long run-up," said Tokai Tokyo Research Center senior global strategist Mutsumi Kagawa.
Anxiety about pricey technology stocks returned with a vengeance to Wall Street Thursday, sending the Nasdaq down more than 3.0 percent and sparking deep declines in the broader stock market.
The tech-rich Nasdaq Composite Index tumbled 3.10 percent to 4,054.11, the biggest single-day drop in percentage terms since November 2011.
The Dow Jones Industrial Average sank 1.62 percent to 16,170.22, while the broad-based S&P 500 fell 2.09 percent to 1,833.08.
The dollar weakened on Thursday as traders digested Federal Reserve signals suggesting that interest rates would be unlikely to rise any time soon.
The dollar was at 101.38 yen early Friday, hardly changed from 101.44 yen in New York Thursday afternoon but down from 101.81 yen in Tokyo earlier Thursday.
The euro slipped to 140.80 yen from 140.88 yen in US trade while buying $1.3885 compared with $1.3888.
The Nikkei 225 index lost 2.88 percent, or 411.32 points, to 13,888.80 in the first few minutes of trade.
"Japan stocks will fall in sympathy (Friday) with their overseas counterparts and there is increasing anxiety about a broader pullback in US shares after such a long run-up," said Tokai Tokyo Research Center senior global strategist Mutsumi Kagawa.
Anxiety about pricey technology stocks returned with a vengeance to Wall Street Thursday, sending the Nasdaq down more than 3.0 percent and sparking deep declines in the broader stock market.
The tech-rich Nasdaq Composite Index tumbled 3.10 percent to 4,054.11, the biggest single-day drop in percentage terms since November 2011.
The Dow Jones Industrial Average sank 1.62 percent to 16,170.22, while the broad-based S&P 500 fell 2.09 percent to 1,833.08.
The dollar weakened on Thursday as traders digested Federal Reserve signals suggesting that interest rates would be unlikely to rise any time soon.
The dollar was at 101.38 yen early Friday, hardly changed from 101.44 yen in New York Thursday afternoon but down from 101.81 yen in Tokyo earlier Thursday.
The euro slipped to 140.80 yen from 140.88 yen in US trade while buying $1.3885 compared with $1.3888.
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