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Tokyo: Shares close down after Wall Street rout

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[TOKYO] Tokyo's benchmark Nikkei index was down sharply on Thursday after Wall Street shares nosedived on fears for the global economy.

The Nikkei 225 index dropped 1.21 per cent, or 249.48 points, to close at 20,405.65, while the broader Topix index lost 1.04 per cent, or 15.65 points, to 1,483.85.

"Today's fall could not be avoided following such a huge drop in US shares," said Daiwa Securities chief technical analyst Eiji Kinouchi.

"The outlook for the global market is quite uncertain now," Mr Kinouchi said.

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US stocks plummeted on Wednesday amid worsening economic fears after US Treasury yields briefly inverted, flashing a warning sign for a coming recession.

The Dow Jones Industrial Average suffered a loss of about 800 points - its worst day of 2019.

"Worries over the US economic recession grew, while negative economic data for China and Germany also prompted investors to downgrade their views on the global economy," Mizuho Securities said.

The dollar fetched 105.91 yen in Asian afternoon trade, against 105.78 yen in New York.

Tokyo shares were down across the board, with Toyota down 0.84 per cent at 6,795 yen, Nissan down 1.11 per cent at 655.1 yen, and Sony off 1.30 per cent at 5,838 yen.

AFP