(MENAFN- AFP) Toshiba led a sell-off in Japanese stocks Monday, with the troubled conglomerate plunging more than nine percent following a weekend report that will likely post a fiscal year loss of more than $4 billion.
Exporters were among the worst hit on Tokyo's Nikkei as the yen strengthened against the dollar, while dealers also tracked a sharp sell-off on Wall Street while falling oil prices dented energy firms again.
Monday's losses were also in line with a broad Asian retreat as the euphoria of Wednesday's US Federal Reserve rate hike wears off and worries about the global outlook return.
The benchmark Nikkei 225 index at the Tokyo Stock Exchange sank 1.70 percent, or 322.48 points, to 18,664.32 by the break, while the broader Topix index of all first-section shares were down 1.54 percent, or 23.69 points, at 1,513.41.
The Nikkei dived more than two percent on Friday hit by weak oil prices and disappointment with the Bank of Japan's unexpected tweaks to its stimulus programme.
Toshiba plunged 9.16 percent to 256.6 yen by the break Monday following a weekend report in the Nikkei business daily that the firm is expected to report a net loss of 500 billion yen net loss for the year to March.
Local media said Toshiba was expected to hold a news conference later in the day on its earnings.
Exporters were under pressure as the yen picked up. The dollar was at 121.15 yen from 121.26 yen Friday in New York and well off last week's peaks above 123 yen.
The euro fell to 131.67 yen from 131.80 yen.
"The stock market drop in the US is signalling risk-off and this is being reflected in currencies," said Shoji Hirakawa, chief equity strategist at Okasan Securities Co. in Tokyo, said by phone."Yen strength may continue for some time."
Investors are now awaiting the release later in the week of key US data, including on economic growth and existing-home sales, after the Fed rate move boosted hopes the world's top economy was back on track.
In Japan, inflation, jobs and spending figures are scheduled for release on Friday.
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