Tokyo stocks snap 4-day winning streak on economic slowdown fears
Tokyo stocks snapped a four-day winning streak Thursday, with the Nikkei briefly losing over 2 percent, on concerns that surging commodity prices may squeeze corporate profits and cause the global economy to slow down.
The 225-issue Nikkei Stock Average ended down 508.36 points, or 1.89 percent, from Wednesday at 26,402.84. The broader Topix index finished 24.61 points, or 1.31 percent, lower at 1,860.08.
On the top-tier Prime Market, decliners were led by marine transportation, insurance and service issues.
The U.S. dollar rose into the upper 128 yen range following a brief dip into the 127 level earlier in the day, as Japanese importers bought the unit for settlement purposes, dealers said.
Stocks lost ground from the opening, with the Nikkei index briefly falling over 750 points, or nearly 3 percent, in the morning.
The fall in Tokyo equities came after the Dow Jones index logged its largest drop in almost…
