Tokyo share prices plummeted broadly Thursday amid concerns about a preceding tumble in New York share prices and the yen’s rise against the dollar.

The benchmark 225-issue Nikkei average at one point fell more than 700 points before closing the day 485.63 points, or 2.7 percent, lower at 17,291.59, down from 17,777.22 Tuesday.

The Tokyo market was closed Wednesday for a national holiday.

Selling pressure abounded amid concerns over the negative impact of a strong yen on the nascent economic recovery at home.

The catalyst for the fall in New York was the dollar’s weakness, which rekindled fears of inflationary pressures and a flight of money away from the U.S. markets, brokerage officials said.

On Wall Street, stocks retreated Wednesday, driving down the Dow Jones industrial average more than 200 points at one point.

The Dow plunged 108.91 for the day to end at 10,801.42.

At 5 p.m., the U.S. currency was quoted at 104.98-105.00 yen, against 106.55-58 yen late Tuesday.

Compared with late Wednesday quotes in overseas markets, nevertheless, the dollar was somewhat higher.

It had fallen to 103.20 yen at one point in London, its lowest in three years and eight months.

Later in New York, it went to 103.63 yen.

Thursday morning in London, the dollar was trading at 104.11 yen.

Attention is now focusing on the possibility of coordinated intervention by Japanese and U.S. monetary authorities to arrest the yen’s rise.

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.