Tokyo stocks close at two-month low after Abe speech

TOKYO (AFP) - Tokyo stocks tumbled 3.83 per cent to close at a two-month low on Wednesday after Japanese Prime Minister Shinzo Abe delivered few surprises in a closely watched speech on pumping up the nation's economy.

The benchmark Nikkei 225 index fell by 518.89 points to 13,014.87, its worst finish since early April, while the Topix index of all first-section issues lost 3.15 per cent, or 35.44 points, to 1,090.03.

As Mr Abe spoke on measures to stoke growth in the world's third largest economy, stock prices fell and the dollar slipped below 100 yen.

"I didn't expect much out of this but there wasn't much indeed," said Mr Masamichi Adachi, senior economist at JPMorgan Securities Japan, referring to Mr Abe's speech.

"There are a series of meaningless figures. I don't know how they can achieve them," he told Dow Jones Newswires.

Mr Abe outlined the "third arrow" of his economic growth plan on Wednesday, which included plans to boost per-capita income by more than a third in 10 years, a string of deregulation measures and boosting energy investments.

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