The National, Monday 25th March 2013
TOKYO: Tokyo stocks dropped 2.35% last Friday as the yen rallied following losses on Wall Street and in Europe fuelled by fears over the banking crisis in Cyprus.
The benchmark Nikkei 225 index lost 297.16 points to 12,338.53, while the Topix index of all first-section shares was off 1.85% or 19.53 points, at 1,038.57.
“The Cyprus crisis sent European and US shares down overnight, and Japanese shares followed suit today,” Hirokazu Fujiki, strategist with Okasan Securities, said.
The European Central Bank issued an ultimatum to Cyprus, saying it had until today to agree a bailout plan with the European Union and International Monetary Fund, or it would suspend emergency funds to Cypriot banks. – AFP