Nikkei plunges nearly 500 points

Japan's key Nikkei stock index plunged nearly 500 points Monday, with selling prompted by the U.S. dollar's sharp drop versus the yen, record-high oil prices and rising political uncertainty.

The 225-issue Nikkei Stock Average dropped 489.56 points, or 2. 81 percent, to end at 16,914.40, ending below the key 17,000 line for the first time since March 29. Its daily point loss was the largest this year.

The Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange slid 45.64 points, or 2.60 percent, to 1,710. 76.

A wide range of shares were affected. Declining issues outpaced advancing ones 1,596 to 82, with 16 shares ending the day unchanged.

Toyota Motor was the most heavily traded issue in value terms. It lost 190 yen to 6,710 yen.

Nippon Steel was the day's volume leader, down 8 yen to 424 yen.

Trading volume on the TSE's main section came to 1,823.96 million shares against Friday's 1,755.41 million shares.

The TSE's Second Section index lost 72.71 points, or 1.46 percent, to 4,922.21 on a volume of 71.09 million shares. In Osaka, the near-term June Nikkei 225 index futures contract lost 570 points to 16,850.

Source: Xinhua