Perfect Storm Sparks Massive Nikkei Sell-Off

Thursday, May 23, 2013
By Paul Martin

By: Ansuya Harjani
CNBC.com
Thursday, 23 May 2013

A perfect storm of yen strength, a spike in Japanese government bond yields and new evidence of weakness in China’s economy were behind a major sell-off Thursday in Japan’s equity markets, said experts.

The benchmark Nikkei 225 closed down 7.3 percent in a session that saw it rise 2 percent in early trade only to reverse direction and fall sharply. The broader Topix finished 6.8 percent lower.

“Almost everything went wrong during the day – the bond market had a bit of a crash, China PMI data, and the yen is stronger. The market is really overheated, all it’s looking for is a trigger,” Nicholas Smith, Japan strategist at CLSA told CNBC.

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