Jiji PressTOKYO (Jiji Press) — Stocks lost further ground on the Tokyo Stock Exchange on Monday in a correction phase to cool down the recent market overheating, with the benchmark Nikkei average falling for a fourth straight session.
The 225-issue Nikkei average plunged 300.43 points, or 1.32 percent, to close at 22,380.99.
On Friday, the key market gauge dropped 187.29 points.
The TOPIX index of all First Section issues ended down 16.95 points, or 0.94 percent, at 1,783.49, after sliding 12.67 points the previous trading day.
Stocks opened lower after the Dow Jones industrial average continued to fall on Friday, briefly pushing the Nikkei down more than 200 points.
Although the market’s downside was supported by buying on dips and hopes for purchases of exchange-traded funds by the Bank of Japan, stocks were unable to cut losses in any major way, due to selling to cash in gains after their recent surge, brokers said.
The key market gauges sank deeper into negative territory toward the close, reflecting the yen’s firming against the dollar, brokers said.
Falling issues far outnumbered rising ones 1,377 to 594 in the TSE’s First Section, while 64 issues were unchanged.
Volume fell to 1,565 million shares from Friday’s 1,890 million shares.