Japan’s Nikkei 225 stock index sinks 12,4% in worst losses since 1987

Japan’s Nikkei 225 share index has plunged 12,4% on heavy selling triggered by worries the U.S. economy may be in worse shape than had been expected

Japan’s Nikkei 225 share index plunged 12,4% on Monday on heavy selling triggered by worries the U.S. economy may be in worse shape than had been expected.

The Nikkei index was down more than 2,900 points at 32,991.88 by midafternoon Monday in Tokyo.

It dropped 5.8% on Friday and it is headed for its worst two-day decline ever.

The Nikkei’s biggest single-day rout was a plunge of 3,836 points, or 14.9%, on a day dubbed “Black Monday” in October 1987. Share prices have fallen in Tokyo since the Bank of Japan raised its benchmark interest rate on Wednesday. The benchmark is now at about the level it was a year ago.

Source: abcNEWS