Nikkei drops 6 to lowest point since April
The Nikkei has fallen to a new three-month low.
The Nikkei has fallen dramatically again today (June 13th), with the index losing more than six per cent of its value over the course of the day.
Its five-and-a-half year peaks last month now seem a long time ago and the market is at its lowest level since April after dropping by 6.4 per cent in today's trading.
The year had started very brightly for the Nikkei, but its strong gains have been steadily eroded during the decline of the last month.
It rose by more than 80 per cent between mid-November and mid-May, completing a superb six months for the index, but May 23rd marked the turning point when it lost over seven per cent.
"There were a lot of people who were playing the higher stocks, weaker yen trade, and they're reversing out of that. But there are a lot of people who haven't got out yet, so it could fall further," Koji Fukaya, chief executive officer at FPG Securities, told Reuters.
The Nikkei lost just 0.2 per cent yesterday, so today's massive slide has made it a bad week for the index.
Learn about the Asian markets and CFD trading at City Index