Tokyo
stocks dived Tuesday morning, with the
Nikkei index hitting a roughly one-month intraday low, as sentiment was battered by the slide in oil prices overnight and the yen's strength undermining export-related shares.
The 225-issue Nikkei Stock Average shed 353.46 points, or 2.19 percent, from Monday to 15,769.81. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 30.33 points, or 2.33 percent, at 1,272.38.
Every industry category on the main section lost ground led by mining, bank, and oil and coal product issues.
Selling accelerated as the yen rose against the dollar and crude futures fell to a roughly one-month low in
New York
of
$35.70 per barrel Monday, brokers said.
"The primary drivers for
Tokyo
shares are the yen's rise and the retreat in oil prices. The market has shifted to a risk-off mood," said
Masahiro Ichikawa, senior strategist at
Sumitomo Mitsui Asset Management Co.
Ichikawa added that while excessive concerns about the global economy seen earlier in the year have receded with the
U.S.
economy showing more resilience recently, there are still some worries in the market, including about the Chinese economy, weighing on
Tokyo
shares.
On the First Section, declining issues trounced advancing ones 1,863 to 64, while 21 ended the morning unchanged.
Among exporters Mazda Motor fell 50.50 yen, or 3.2 percent, to 1,512.50 yen and Bridgestone sagged 112 yen, or 2.8 percent, to 3,857 yen.
Fast Retailing declined 1,180 yen, or 3.5 percent, to 32,230 yen after the operator of Uniqlo casual wear stores reported Monday that customer visits in March to its stores in
Japan
declined from a year earlier.
Inpex skidded 39.50 yen, or 4.9 percent, to 772.40 yen after the crude oil and natural gas producer said Monday that it has received a notice from the Indonesian government asking the firm to review its plan to build an offshore liquefied natural gas facility, brokers said.
==Kyodo
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