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| Version 2 | Version 3 |
|---|---|
| Tokyo shares follow Europe and US falls | Tokyo shares follow Europe and US falls |
| (about 4 hours later) | |
| Tokyo shares fell sharply in early trading on Tuesday, following tumbling markets across Europe and the US. | |
| The Nikkei 225 continued to fall throughout the day, down 5.2% to 16,601. | |
| Earlier, US and European shares were pulled down by big falls among banking and technology stocks. Deutsche Bank led the fallers, dropping 9.5%. | Earlier, US and European shares were pulled down by big falls among banking and technology stocks. Deutsche Bank led the fallers, dropping 9.5%. |
| The Dow Jones dropped 1.1%, London's FTSE 100 fell 2.7% and the Athens stock exchange dropped to a 25-year low. | |
| Investors have been spooked by weak oil prices, with Brent crude hovering around $33 a barrel, concerns over slowing economic growth, particularly in China, the world's second largest economy, and the threat of a further interest rate rise in the US. | |
| In Tokyo, the banks were the biggest fallers, with Mitsubishi UFJ dropping 8.3%, Sumitomo Mitsui down 8.7% and Mizuho Financial Group losing 5.8%. | |
| The strengthening yen also hit big exporters, with the currency up 0.8% against the dollar. | The strengthening yen also hit big exporters, with the currency up 0.8% against the dollar. |
| Toyota dropped 5.9%, Honda lost 6.4% and Nissan fell 6.8%. | |
| 'Struggling what to buy' | 'Struggling what to buy' |
| The Nikkei 225 is down more than 20% from its peak levels, reached last June. | The Nikkei 225 is down more than 20% from its peak levels, reached last June. |
| "When the strong yen is a concern, you would buy domestic-demand sensitive stocks like banks, but we can't buy them now so we are really struggling what to buy on a day like this," said Masashi Oda, senior investment officer at Sumitomo Mitsui Trust Bank. | "When the strong yen is a concern, you would buy domestic-demand sensitive stocks like banks, but we can't buy them now so we are really struggling what to buy on a day like this," said Masashi Oda, senior investment officer at Sumitomo Mitsui Trust Bank. |
| Meanwhile, in Australia the ASX index closed down 2.8% at 4,832, led by the country's banking sector. | |
| There was little trading elsewhere in Asia, with China's mainland markets shut all week for Lunar New Year celebrations. Hong Kong and South Korea are both closed for three days. | There was little trading elsewhere in Asia, with China's mainland markets shut all week for Lunar New Year celebrations. Hong Kong and South Korea are both closed for three days. |