Japan’s Nikkei 225 stock index sinks 10 per cent

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Japan’s Nikkei 225 stock index sinks 10 per cent

Japan’s Nikkei 225 share index has plunged as much as 10 per cent on heavy selling triggered by worries the US economy may be in worse shape than had been expected.

The Nikkei index was down more than 3,500 points at 32,385.01 by mid afternoon Monday in Tokyo.

It dropped 5.8 per cent on Friday and it is headed for its worst two-day decline ever.

The Nikkei’s biggest single-day rout was a plunge of 3,836 points, or 14.9 per cent, on the day dubbed “****** Monday” in October 1987.

Share prices have fallen in Tokyo since the Bank of Japan raised its benchmark interest rate on Wednesday.

The benchmark is now at about the level it was a year ago.

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