Nikkei Briefly Sinks Over 1,100 Points after News of Iran Attack

Tokyo, May 28 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average briefly lost over 1,100 points on Thursday, as Iran was reported to have attacked a U.S. military base. The index of 225 select issues listed on the Tokyo Stock Exchange’s top-tier Prime section pared its earlier losses to close at 64,693.12, down 306.29 points, or 0.47 pct, from the previous day. The stock market was relatively quiet in the morning, caught between selling to take profits and buying on dips, but selling intensified after news of the Iranian attack emerged around noon, pushing up crude oil prices. Still, stocks later narrowed their losses as the ascent of crude oil prices came to a pause. “The market’s sharp rise over the past few days was unusual, so market participants seemingly wanted a correction,” said an official at a midsize securities firm. END [Copyright The Jiji Press, Ltd.]