Tokyo, March 4 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average sank more than 2,000 points Wednesday as fears of a prolonged conflict between U.S.-Israeli forces and Iran continued to spur risk-adverse selling. The index dropped 2,033.51 points, or 3.61 pct, from Tuesday to end at 54,245.54. It briefly fell below 54,000 for the first time since Feb. 6. The broader TOPIX index finished 138.50 points, or 3.67 pct, lower at 3,633.67. Both indexes gave up ground for the third straight day. The Nikkei lost about 4,600 points, or 7.82 pct, in the three-day tailspin. Investors are increasingly worried that a prolonged conflict could have a negative impact on the Japanese economy and corporate profits, especially through a blockade of the Strait of Hormuz, a critical chokepoint in a key oil transport route. “It’s unclear how long the increase in crude oil prices (amid the tense Iran situation) will continue, so investors are refraining from buying,” an official at a major securities firm said. END [Copyright The Jiji Press, Ltd.]
Nikkei Average Dives on Fears of Long Middle-East Conflict
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