Big loss for Nikkei

<p>The Nikkei dropped by two per cent today.</p>

The Nikkei has experienced a big loss for the first time in three weeks in trading today (October 23rd), erasing some of the strong gains recorded by the index of late.

It dropped two per cent of its value to end the session at 14,426.05, which also meant it fell away from the three-and-a-half week high it had reached earlier in the week.

According to a report by Reuters, the index had moved to as high as 14,799.28 during the morning session before falling away later in the day.

Traders working on the Nikkei said that futures selling has been triggered by weakness in the dollar, which slipped by 0.8 per cent to 97.36 yen.

Japanese exporters typically perform well when the yen is weak compared to the dollar.

Yesterday's trading session saw the Nikkei 0.1 per cent higher to end the session at 14,713.25, though many investors were holding back ahead of the release of the latest US jobs data.

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