Tokyo, 7 March, /AJMEDIA
The Nikkei stock index extended its losses Monday morning, briefly dropping over 3 percent, amid concerns over higher fuel costs as the United States and its European partners are reportedly eying a ban on the import of Russian oil due to Moscow’s invasion of Ukraine.
At 10 a.m., the 225-issue Nikkei Stock Average fell 736.82 points, or 2.84 percent, from Friday to 25,248.65, before reaching its lowest intraday level since Nov. 10, 2020. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 50.56 points, or 2.74 percent, at 1,794.38.
Growing demand for gold amid the ongoing conflict also lifted the price of the asset sold by Tokyo’s Tanaka Kikinzoku Kogyo K.K., a major precious metal firm, to record high levels, hitting 8,109 yen per gram.
On the Tokyo Commodity Exchange, Middle East crude oil futures briefly hit 78,820 yen per kiloliter, the highest level since late August in 2008, on expectations that economic sanctions on Russia will greatly reduce energy supplies.
At 9 a.m., the dollar fetched 114.93-98 yen compared with 114.60-70 yen in New York and 115.45-46 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $1.0871-0875 and 124.94-125.04 yen against $1.0928-0938 and 125.42-52 yen in New York and $1.1012-1014 and 127.14-18 yen in Tokyo late Friday afternoon. The European unit dropped below the 125 yen line for the first time since December 2020.
