Nikkei heads for 1-year low on Wall St losses, global economic concern
* All sectors in negative territory
* Sumitomo Corp nosedives on massive writedown on nickel project
* Poor Japanese machinery data gives limited impact
By Ayai Tomisawa
TOKYO, Jan 14 (Reuters) - Japan's Nikkei share average tumbled 4 percent on Thursday morning after Wall Street languished on worries about weak oil prices and a slowdown in the global economy, battering global cyclical stocks such as exporters.
The Nikkei stumbled 3.7 percent to 17,063.21 in mid-morning trade after hitting as low as 17,004.12, the lowest since late September. If the benchmark index falls below 16,901.49, an intraday low marked on Sept. 29, it will be the lowest in more than a year.
"I wouldn't be surprised if it falls further and below the 17,000-line," said Hiroaki Mino, director of investment information department at Mizuho Securities, adding that sentiment could deteriorate even further if worries about the global economy accelerate.
On Wednesday, two top Federal Reserve officials expressed concerns about slowing Chinese growth. Boston Fed President Eric Rosengren said global and U.S. economic growth may be slipping and could force the Fed into a more gradual course of rate hikes than officials currently expect.
"Investors are increasingly worried that the (U.S.) market is not strong enough to withstand an initial view that the Fed would hike rates four times this year," said Masashi Oda, senior investment officer at Sumitomo Mitsui Trust Bank. Continuación...