Nikkei in worst weekly drop since 2008, strong yen unnerves

viernes 12 de febrero de 2016 02:38 GYT
 

* Tokyo volume highest since August

* Nikkei posts biggest weekly drop since Oct 2008

* When USD falls 1 yen, it pushes Nikkei down 400 pts - Nomura

By Ayai Tomisawa

TOKYO, Feb 12 (Reuters) - Japan's Nikkei share average stumbled to a fresh 16-month low in heavy trade on Friday, and posted the biggest weekly drop since 2008 as investors scrambled to dump risky assets after the dollar dived to a 15-month low against the yen.

The Nikkei sank 4.8 percent to 14,952.61, the lowest closing level since October, 2014.

For the week, the Nikkei dived 11.1 percent, the biggest weekly drop since October, 2008.

Topix's volume was outstanding, with 4.704 billion shares changing hands, the largest since last August.

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 haven assets.   Continuación...