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Japanese shares drop after Wall Street takes a battering


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By Shinichi Saoshiro

TOKYO, Aug 15 (Reuters) - Japanese shares slid to a nine-daylow on Thursday morning as investor sentiment was battered by abig slide on Wall Street amid resurgent fears of a globalrecession.

The Nikkei share average .N225 was down 1.3% at 20,387.17as of 0157 GMT. The index touched 20,184.85, its lowest sinceAug. 6.

Shares of Japanese exporters retreated as the safe-haven yen JPY= strengthened against the dollar due to the widespreadrisk aversion.

Toyota Motor Corp7203.T fell 1.1%, Honda Motor Co7267.T dropped 1.4%, Panasonic6752.T shed 2% andBridgestone Corp 5108.T was down 1.7%.

Financial institutions also took a hit, as the sharp drop inbond yields was seen hurting their profitability. Mitsubishi UFJFinancial Group8306.T lost 1.1%, Mizuho Financial Group8411.T retreated 0.9% and Dai-ichi Life Holdings8750.T sank2%.

The broader Topix .TOPX was down 1.31% at 1,479.94.

Declining shares outnumbered gainers by 1,994 to 120.

All of Tokyo's 33 sub-indexes were in the red, with oil andcoal products .IPETE.T and mining .IMING.T the biggestlosers. (Editing by Richard Borsuk) ((shinichi.saoshiro@thomsonreuters.com; +813-6441-1774))






This article appears in: Stocks , World Markets , Politics



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