Stocks in Tokyo Plummet 4%
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Stock prices on the Tokyo Stock Exchange plummeted nearly 4% today as major players abandoned the field to margin selling and arbitrage. Trading remained light.
The blue-chip Nikkei Average of 225 selected issues, which gained 271.36 points Monday, fell 863.38 points to close below the psychologically important 22,000 mark at 21,862.61.
But the figure many brokers pointed to was the low volume, which continued to dwindle as an estimated 240 million shares changed hands, down from 264 million Monday.
By comparison, a year ago, when the Nikkei was racing toward an all-time high, volume on Dec. 4 was 1.2 billion shares.
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