Nikkei Drops for Second Day As U.S. Government Shutdown Drags on

By Yomna Yasser On Oct 3, 2013

Japan’s Nikkei stock average dropped for a second day on Thursday as investors fretted about the U.S. government shutdown and agenda for raising the debt ceiling.

The Nikkei .N225 shed 0.1 percent to 14,157.25, staying below its 25-day moving average of 14,242.79 as well as 14,193.99, a 50 percent retracement of its May high to its low in June. The Topix .TOPX fell 0.1 percent to 1,173.99.

But SoftBank Corp (9984.T) climbed 4 percent to a new 13-1/2 year high, overtaking Mitsubishi UFJ Financial Group Inc (8306.T) to become the company with the second-largest market capitalization among the Nikkei components.

Source: Reuters