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Tokyo shares plunged monitoring Wall Street losses

TOKYO, Aug. 2 (Xinhua) — Tokyo shares plunged Wednesday, with the Nikkei struggling its largest drop this yr, amid issues over the downgrading of U.S. debt and gain-locking strikes.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average dropped 768.89 factors, or 2.30 %, from Tuesday at 32,707.69, after shedding over 800 factors at one level.

The broader Topix index, in the meantime, misplaced 35.60 factors, or 1.52 %, to complete at 2,301.76.

Stocks opened the day with losses, primarily pushed by outstanding technology-related shares, which mirrored the drop seen in U.S. expertise shares in the course of the earlier evening.

Analysts right here additionally identified that the market skilled promoting strain following a surge of over 700 factors within the Nikkei earlier within the week.

Market sentiment was negatively affected after credit score rankings company Fitch on Tuesday downgraded the U.S. authorities’s credit standing, marking the primary downgrade in 12 years.

Over issues in regards to the “growing debt burden” and “an erosion of governance,” Fitch, one among three main impartial companies that assess creditworthiness, lowered the U.S. credit standing from the top-notch AAA to AA+.

On the Prime market, decliners had been led by securities and commodity futures buying and selling, insurance coverage, in addition to the ability and fuel industries. Bucking the downward pattern, the mining, transportation equipment, and non-ferrous steel sectors managed to eke out modest positive factors.