Nikkei slides to 4-week low; strong yen, earnings concerns hurt
Mon Jul 29, 2013 7:33am BST
TOKYO, July 29 (Reuters) - Japan's Nikkei average slumped
below 13,700 for the first time in almost a month on Monday on
the back of a strong yen and lackluster earnings, while caution
ahead of key market-moving events, including Chinese
manufacturing data and a U.S. Federal Reserve meeting, sidelined
investors.
The benchmark Nikkei fell 3.3 percent to 13,661.13,
a level not seen since July 1, while the broader Topix
dropped 3.3 percent to 1,128.45. All of its 33 sub-sectors
finished the day in negative territory.
The market largely shrugged off news that Prime Minister
Shinzo Abe has ordered a study of alternatives to a plan to
double the sales tax to 10 percent. But traders said the
possibility of the planned tax increase being delayed or watered
down could negatively impact the equity market in the medium to
long run.