China protests continue to hurt Japanese stocks
by Brian Turner
The Tokyo markets suffered their worst one-day losses in nearly a year as investors worried about the worsening relations between Japan and China.
A wide range of sectors were down, taking the Nikkei 225 down 3.8 percent to 10,938.44, a four-month low. The Topix index was off 3.6 percent, closing at 1,109.49.
Travel businesses especially felt the effect of the tensions with China as many Japanese cancelled planned vacations in China over fears of dangers in traveling there. Kinki Nippon Tourist dropped 7.3 percent and Eurasia Travel was down 11.4 percent.
Steel companies also felt repercussions from the China trouble due to their heavy involvement there. Japan Steelworks was down 9.1 percent and Nisshin Steel was off 4.8 percent.
Technology stocks were off as well, mostly on the bad news from IBM and Samsung last week and on worries about pressures to drop prices for consumer electronics.
Tokyo Electron and Taiyo Yuden each saw shares fall 4.4 percent, Toshiba was down 3.7 percent, and NEC was down 4.3 percent.
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