TOKYO (dpa-AFX) - The Japanese stock market has finished lower in back-to-back sessions, plunging almost 3,500 points or 6 percent in that span. The Nikkei 225 now sits just above the 61,430-point plateau and it may take further damage again on Thursday.
The global forecast for the Asian markets is weak on renewed conflicts in the Middle East, surging crude oil prices and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to split the difference.
The Nikkei finished sharply lower on Wednesday with damage across the board, especially among the technology stocks, automobile producers and financial shares.
For the day, the index tumbled 930.73 points or 1.49 percent to finish at 61,434.19 after trading between 60,448.90 and 63,138.04.
For the day, the index plummeted 360.42 points or 5.98 percent to finish at 5,663.24 after trading between 5,262.77 and 6,228.52. Volume was 449.29 million shares worth 47.83 trillion won. There were 804 decliners and 91 gainers.
The lead from Wall Street is sharply negative as the major averages opened lower on Wednesday and turned more deeply into the red as the day progressed, ending at session lows.
The late-day sell-off on Wall Street came as treasury yields surged in electronic trading on concerns about the outlook for interest rates even after the Federal Reserve left rates unchanged, although three members voted to increase rates.
Stocks came under pressure early in the day amid a substantial rebound by crude oil prices - which skyrocketed on Wednesday after Iran launched surprise attacks on U.S. bases in Jordan. West Texas Intermediate crude for September delivery was up $5.55 or 7.00 percent at $84.81 per barrel.
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