REFILE-Nikkei slumps over 5 pct on firm yen, set for worst weekly loss since 2008
(Removes redundant bullet point)
* Nikkei heads for biggest weekly drop since Oct 2008
* When USD falls 1 yen, it pushes down Nikkei by 400 yen - Nomura
* Even if BOJ intervenes, effect will be like short-term 'painkiller' - analyst
By Ayai Tomisawa
TOKYO, Feb 12 (Reuters) - Japan's Nikkei share average fell more than 5 percent to a fresh 16-month low on Friday, and was set for its biggest weekly drop since 2008 as investors rushed to dump risky assets after the dollar dived to a 15-month low against the yen.
The Nikkei fell as much as 5.4 percent to 14,865.77 in morning trade, a level unseen since October, 2014.
For the week, the Nikkei has fallen 12 percent, heading for the biggest weekly drop since October, 2008.
Japanese markets were closed for a public holiday on Thursday, when the dollar fell as low as 110.985 yen, its lowest level since October 2014 as fears of a global economic slowdown and concerns about stress in the banking system increased demand for safe havens. It last stood at 112.24 yen. Continuación...