Nikkei Slides Further in Morning amid Middle East Tensions

Tokyo, March 3 (Jiji Press)–Japan’s key Nikkei 225 stock average slid further on Tuesday morning, as risk-adverse selling continued in light of the deteriorating Middle East situation. The Nikkei average finished the morning session at 56,727.27, down 1,329.97 points, or 2.29 pct, from Monday’s close. The previous day, the index lost nearly 800 points following the U.S.-Israeli attacks on Iran. The broader TOPIX index dropped 87.28 points, or 2.24 pct, to 3,811.14 in the morning, with over 90 pct of issues listed on the Tokyo Stock Exchange’s top-tier Prime section losing ground. “The market is weighed down by concerns that inflation could accelerate (due to rising oil prices and the weakening yen), which could affect (the Bank of Japan’s) monetary policy,” said an official at a major brokerage firm. In Tokyo currency trading, the dollar stood at 157.24-25 yen at noon, up from 156.98-99 yen at 5 p.m. the previous day. The euro was at 1.1694-1695 dollars, down from 1.1717-1717 dollars, and at 183.87-89 yen, down from 183.92-93 yen. END [Copyright The Jiji Press, Ltd.]