Nikkei drops to six week low
The Nikkei is at its lowest point in six weeks.
The Nikkei has fallen to its lowest point in the last six weeks during today's (June 3rd) trading.
After reaching a five-and-a-half year peak last month, the index has now lost around 15 per cent of its value in the last couple of weeks.
The Nikkei dropped 298.90 points to 13,475.64 at the midday break, below its 13-week moving average at 13,547.62, reports Reuters.
Stefan Worrall, director of equity cash sales at Credit Suisse in Tokyo, said: "The longer and longer this market fails to quickly rebound, the greater the risk is of foreign investor's confidence in Japan outlook is being bended and engendering more selling."
The banking sector is among those to have been hit hard in the last couple of weeks and it has been reduced by over 20 per cent after hitting a four-and-a-half year high on May 20th.
It's been a tough period for the Nikkei and this morning's drop comes after the index lost five per cent of its value on Friday morning.
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