Tokyo share prices fell broadly Thursday amid concerns over the ailing banking industry and bleak economic prospects.The 225-issue Nikkei average, a 415.04-point loser the previous day, ended 209.27 points, or 1.6 percent, down at 13,197.12, its lowest closing level in nearly 13 years.The Tokyo stock market got off to a good start amid a slightly euphoric mood on the opening of the fiscal second half, but the uptrend soon fizzled.A broad array of equities came under renewed selling pressure as reports on the worse-than-expected results of the Bank of Japan’s quarterly “tankan” survey hit the market.Financial issues took a battering amid reports that major banks had seen much of their latent gains on equity holdings evaporate in the fiscal first half to Wednesday. The media reports raised fears of a credit squeeze and more major business failures.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.