Tokyo: Nikkei down more than 7% amid global rout over coronavirus

[TOKYO] Tokyo stocks plunged more than seven per cent on Friday after global shares plunged on mounting recession fears after the US banned travel from Europe over the coronavirus outbreak.

The benchmark Nikkei 225 index dropped 7.12 per cent or 1,322.15 points to 17,237.48 in early trade, while the broader Topix index fell 6.31 per cent or 83.73 points to 1,244.15.

"Japanese shares are seen dropping sharply, extending plunges on global bourses," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary, adding the Nikkei index could dip to the 17,000 level.

US President Donald Trump's comments suggesting delaying the Tokyo Olympics because of the coronavirus outbreak was also weighing on the market, analysts said.

AFP