Nikkei dives 7.3%, China worries spark worst rout in 2 years

Business & Markets 2013
Written by Reuters
Thursday, 23 May 2013 14:33
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TOKYO (May 23): The Nikkei share average plunged 7.3 percent on
Thursday, its biggest one-day percentage drop in two years after weak
Chinese factory data rattled investors, prompting them to take profits
from a recent rally buoyed by massive Bank of Japan stimulus
measures.
The Nikkei ended 1,143.28 points lower at 14,483.98, a two-week low.
It was the 11th-largest point drop on record.
The Osaka Securities Exchange briefly suspending trade in Nikkei
futures in the afternoon due to steep declines.
Trading was volatile. The benchmark had climbed to a 5-1/2-year high
earlier in the session.
The broader Topix index sank 6.9 percent to 1,188.34, with a record
high 7.66 billion shares changing hands.
As stocks dropped sharply, investors sought safety in government
bonds, with the 10-year Japanese government bond yield down 6 basis
points at 0.825 percent.
The 10-year yield hit 1.00 percent in the morning session, its highest
since early April last year.