Nikkei slumps 3.7 pct on weak China data, 10-yr JGB prices turn higher

TOKYO, May 23: Japan’s Nikkei stock average tumbled 3.7 percent on Thursday, in a dramatic turnaround from a 5-1/2-year high hit in morning trade and was on track for its biggest daily drop in two years, as weak Chinese factory activity data rattled investors.
The sharp turnover in the Japanese stock market prompted investors to seek safety in government bonds, with the 10-year JGB yield down 0.5 basis point at 0.880 percent. The benchmark yield was up at 1.00 percent earlier in the day.
The Nikkei was down 572.48 points at 15,054.80 after hitting a low of 14,945.56. The broader Topix index dropped 4 percent to 1,225.18.
(agencies)

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