Japanese Shares Tumble, Nikkei Down More Than 2%

The Japanese stocks tumbled on Thursday, extending losses from the previous session amid extremely weak overnight cues. Global economic and trade worries are hurting the sentiments and the benchmark Nikkei 225 Index is down more than 2% at 21300 mark. Japan's currency Yen edged up following the overnight sell-off on Wall Street amid worries about economic growth. This pulled down major firms in electronic and auto space. The US stocks saw a sharp slide yesterday with the major averages fell to their lowest closing levels in over a month. DOW fell nearly 2% on poor employment and manufacturing sector reading.

Economic cues remained weak. The services sector in Japan continued to expand in September, though the rate was slower, the latest survey from Jibun Bank revealed on Friday with a PMI score of 52.8. This was down from the 22-month high of 53.3 in August, although it remains well above the line of 50 that separates expansion from contraction. The survey also showed that the composite index came in at 51.5, down from 51.9 in August.

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