July 5, 2016 - 6:20 PM EDT
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Japanese Market Sharply Lower

TOKYO (dpa-AFX) - The Japanese stock market is sharply lower on Wednesday, with renewed worries about the impact of Brexit dampening investor sentiment, while the safe-haven yen strengthened and dragged down exporters' shares.

In late-morning trades, the benchmark Nikkei 225 Index is losing 424.80 points or 2.71 percent to 15,244.53, off a low of 15,214.14.

Among the major exporters, Panasonic is down more than 3 percent, Canon is losing more than 2 percent, Sony is declining more than 1 percent, and Sharp is lower by almost 1 percent. Shares of Toshiba are falling more than 4 percent.

Market heavyweight Fast Retailing is lower by almost 4 percent, while SoftBank Group is declining 2 percent.

Automaker Toyota is down almost 3 percent and Honda is falling almost 5 percent. In the banking space, Mitsubishi UFJ Financial is lower by more than 3 percent.

In the oil sector, Inpex and JX Holdings are declining more than 3 percent each following the overnight plunge in crude oil prices.

Among the other major losers, Taiyo Yuden is losing more than 7 percent and Nippon Kayaku is down almost 7 percent. Mazda Motor is lower by more than 6 percent following news that its joint venture in China will recall more than 74,000 sedans to replace Takata Corp. airbags.

In the currency market, the U.S. dollar is trading in the upper 100 yen-range on Wednesday.

On Wall Street, stocks closed mostly lower on Tuesday following the long Fourth of July weekend as traders cashed on the strong gains posted last week. Renewed worries about the impact of the so-called Brexit also weighed on stocks.

The Dow slid 108.75 points or 0.6 percent to 17,840.62, the Nasdaq slumped 39.67 points or 0.8 percent to 4,822.90, and the S&P 500 fell 14.40 points or 0.7 percent to 2,088.55.

The major European markets turned in a mixed performance on Tuesday. While the U.K.'s FTSE 100 Index rose by 0.4 percent, the French CAC 40 Index and the German DAX Index tumbled by 1.7 percent and 1.8 percent, respectively.

Crude oil futures plunged Tuesday amid speculation markets are oversupplied during a time of significant economic uncertainty. Crude for August delivery tumbled $2.39 or 4.9 percent to $46.60 a barrel on the New York Mercantile Exchange.

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Source: Equities.com News (July 5, 2016 - 6:20 PM EDT)

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