Nikkei drops to 3-week low, hit by strong yen and Ukraine concerns
Published on May 7, 2014 10:27 AM
TOKYO (Reuters) - Japan's Nikkei share average tumbled to a three-week low on Wednesday as a stronger yen dragged down exporters and ongoing concerns about Ukraine hurt market sentiment.
The Nikkei was down 2 per cent at 14,170.48 in midmorning trade after falling as low as 14,160.08, its lowest since April 16. Last Friday, the index shed 0.2 per cent to 14,457.51.
Investors returned from a four-day Golden Week holiday to find the dollar had slipped to a three-week low of 101.49 yen.
Traders were also keeping an eye on developments in Ukraine, where supporters of Russia and of a united Ukraine are accusing each other of tearing the country apart. The former Soviet republic is sliding towards war.
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