Japan’s benchmark Nikkei 225 Stock Average plunged 6.3 per cent on Thursday as market sentiment was undermined by a stronger yen and overnight losses on Wall Street and European markets.

The Nikkei lost 843.94 points, or 6.35 per cent, to end at 12,445.38 while the broader-based Topix index was down 52.37 points, or 4.78 per cent, at 1,044.17.

Export-linked issues were pulled down by the yen’s rise against major currencies. A stronger yen makes Japanese goods less competitive overseas and erodes repatriated revenues.

Prime Minister Shinzo Abe met central bank Governor Haruhiko Kuroda amid the volatility to discuss global economic matters ahead of the Group of Eight meeting in Northern Ireland next week, the Kyodo News agency reported.

“I told the prime minister that the Bank of Japan, needless to say, will promote quantitative and qualitative monetary easing with a strong determination and will prop up the Japanese economy,” Kuroda told reporters after the meeting.

“Volatility in the financial market will taper off gradually,” he added.

On currency markets at 3 p.m., the dollar traded at 94.31-33 yen, down sharply from Wednesday’s 5 p.m. quote of 96.80-82 yen.

The euro was quoted at 126.00-03 yen, down from 128.81-85 yen late on Wednesday, and at 1.3357-3360 dollars, up from 1.3307-3309 dollars.

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