Recession fears send Nikkei down more than 4 per cent

Business Materials 6 February 2008 07:03 (UTC +04:00)

( dpa ) - Japan's benchmark Nikkei 225 Stock Average plunged more than 4 per cent in morning trading Wednesday after overnight losses on Wall Street amid renewed fears over a possible US recession.

The Nikkei lost 567.34 points, or 4.13 per cent, to 13,178.16.

The broader Topix index of all first-section issues also declined 50.45 points, or 3.72 per cent, to 1,305.03.

Tokyo stocks plunged across the board after the Dow Jones Industrial Average suffered its largest single-day point loss since August over a drop in a key US service-sector index prompted speculation that the world's largest economy might have already entered a recession.

On currency markets at 9 am (0000 GMT), the dollar traded at 106.53-56 yen, down from Tuesday's 5 pm quote of 106.98-107.00 yen.

The euro was quoted at 1.4632-37 dollars, down from Tuesday's 5 pm quote of 1.4804-06 dollars, and at 155.90-95 yen, down from 158.38-42 yen.