Tokyo Rally Ends in ‘Orderly Retreat’
Issues on the Tokyo Stock Exchange ended a seven-day rally today in what analysts described as an orderly retreat from swiftly scaled heights.
The key Nikkei average of 225 selected issues, which gained 589.37 points Tuesday, fell 421.42 points--or 1.7%--to 24,876.88.
Volume continued to ease as an estimated 500 million shares changed hands, compared to 566 million Tuesday.
Analysts said after seven rising sessions, the market experienced a technical correction.
The correction was touched off by the dollar’s continuing rebound against the Japanese yen and by indications that interest rates are flat or rising, analysts said.
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