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Nikkei tumbles to 26-year low

  • Story Highlights
  • The 1.2 percent loss pushes the index down to 7,086
  • Economic data shows the nation is struggling amid the global downturn
  • Japan reported a drop of 10 percent in industrial output for January from 2008
  • Exports plunged an unprecedented 45.7 percent in January
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TOKYO, Japan (CNN) -- Japan's bellwether Nikkei stock average lost 87 points on Monday to close at its lowest level since October 1982.

The 1.2 percent loss pushed the index down to 7,086.

Recent economic data released by Japan has painted a picture of a nation struggling amid the global economic slowdown.

The world's second-largest economy reported a drop of 10 percent in industrial output for January, compared with a year ago.

The fall in industrial output was a record drop for the country, the government said. Industrial output reflects how much Japanese companies produce -- which exporters have cut sharply as world demand has slumped.

Exports plunged an unprecedented 45.7 percent in January, as major exporters such as Toyota and Nissan announced further production cutbacks.

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