Japanese stocks plunged on Monday as the market sentiment was hurt by heavy losses on Wall Street and growing worries about the health of emerging economies.
The benchmark Nikkei 225 Stock Average lost 385.83 points or 2.5 per cent to end at 15,005.73, while the broader-based Topix index was down 35.37 points or 2.8 per cent at 1,229.23.
Exports fell as the yen rose against the dollar and the euro. A stronger yen makes Japanese goods less competitive overseas and erodes the repatriated revenues.
On Friday, the Dow Jones Industrial Average lost 1.97 per cent to 15,879.11 amid mounting concern about emerging economies such as Argentina, whose peso plunged last week.
On currency markets at 3 pm (0600 GMT), the dollar traded at ¥ 102.46-47, down from Friday’s 5 pm quote of ¥ 103.36-37.
The euro was quoted at ¥ 140.19-20, down from ¥ 141.46-50 late Friday and at $ 1.3681-3684, down slightly from $ 1.3686-3687.