Tokyo, March 2 (DPA) Japanese shares plunged in Wednesday morning trading after US stocks were dragged down overnight by rising oil prices amid ongoing unrest in Libya and other parts of the Middle East.
The benchmark Nikkei 225 Stock Average lost 170.07 points, or 1.58 percent, to trade at 10,583.96 while the broader Topix index was down 12.64 points, or 1.31 percent, at 951.06.
Investors sold shares to lock in quick profits after recent gains. The Nikkei rose 1.22 percent Tuesday.
On Wall Street, the Dow Jones Industrial Average fell 1.38 percent Tuesday. Crude oil in New York trading jumped 2.7 percent to $99.63 per barrel, a more than two-year high, as Libyan opposition forces clashed with government forces loyal to leader Muammar Gaddafi.
The yen rose against major currencies, hovering around the higher-81 yen to the dollar. A stronger yen makes Japanese goods more expensive abroad and erodes repatriated earnings.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 81.90-93 yen, down from Tuesday’s 5 p.m. quote of 82.18-20 yen.
The euro traded at $1.3767-$3768, down from $1.3810-$3811 Tuesday, and at 112.76-78 yen, down from 113.49-53 yen.
