P.M. BRIEFING : Tokyo Stock Market Tumbles
News of Soviet Foreign Minister Eduard A. Shevardnadze’s resignation sent the Tokyo stock market tumbling today while strengthening the dollar against the Japanese yen.
Stock traders said Shevardnadze’s surprise announcement Thursday shook the stock market with worries about domestic turmoil in the Soviet Union.
The market also was rocked by rumors, later denied, that Iraq is planning to pull its troops out of Kuwait, they said.
“Since yesterday, there was also a technical correction,” said Haruo Ueno, manager of stock trading at Wako Securities.
The Nikkei Stock Average of 225 selected issues, which shed 351.84 points Thursday, lost another 405.34 points, or 1.6%, to close at 24,119.06. Trading was moderate at 350 million shares.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
