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Tokyo falls to 20-year low
TOKYO, Japan -- Tokyo's Nikkei average fell below a two-decade closing low in mid-morning on Thursday, led down by Mizuho Holdings Inc and other banks following a dive on Wall Street and with the dollar near a six-month low on the yen. As of 0107 GMT, the Nikkei was down 0.71 percent or 59.59 points at 8,297.22, falling below a 20-year closing low of 8,303.39 hit in November last year. The broader TOPIX index of all first section stocks shed 0.85 percent to 811.41. In the banking sector, Sumitomo Mitsui dropped 4.18 percent to 275,000 yen, while Mizuho Holdings Inc, the world's largest bank by assets gave up 2.5 percent to 97,500 yen to draw close to a record low of 95,200 yen. Banks have been under heavy pressure in recent trade due to concerns about a dilution in per share value following their attempts to raise capital before the business year ends on March 31. Stricter accounting standards have been another concern, Reuters reports. Elsewhere, electronics giant Matsushita Electric Industrial Co Ltd fell 3.24 percent to 1,075 yen after the U.S. Nasdaq index slid 1.9 percent due to surging oil prices, jitters over Iraq, and a lackluster sales report from computer and printer giant Hewlett-Packard Co. Wall St's key Dow Jones indicator set the tome for Asia, sliding 1.3 percent overnight to 7806. Growing tension on the Korean peninsula weighed on South Korea's Kospi, which lost 2.16 percent in value to 577.53 in early business. In Australia, the S&P/ASX 200 index was also lower, sliding 0.88 percent to 2801.9 by noon. Leading the way lower was telecoms giant Telstra, which reported a 44 percent slide in annual profit to A$1.184 billion. The shares were trading A3c lower at $A4.15. Mining major BHP Billiton slid A5c to A$9.25 while media player News Corporation shed A22c to A$10.16. In New Zealand, the NZSE Top 40 index was 0.1 percent lower at 1872.99. Flagship airline Air New Zealand reported a heartening 125 percent boost in profit Thursday to NZ$93.922 million. Its shares firmed nearly 4 percent to NZ53c in morning trading. In Singapore, the Straits Times index was 0.5 percent lower at 1280.21. The island state reported a 0.4 percent growth in gross domestic product for the fourth quarter. Reuters contributed to this report.
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