Japanese stocks plunged 10.6 percent on Tuesday, posting the worst two-day losing streak since 1987, on reports of rising radiation near Tokyo, suggesting any deterioration at a quake-hit nuclear plant could trigger more panic selling led by hedge funds.
The yen tripped on talk of intervention and bond yields rose as investors sold debt to offset losses in the stock market. The scale and speed of the equity selloff, on record volume for a second day running, forced fund managers to sit on the sidelines.
At one point the broader Nikkei plunged 14 percent after Prime Minister Naoto Kan said therisk of nuclear contamination was rising at the Fukushima Daiichi complex on Japan's ravaged northeastern coast, 240 km (150 miles) north of Tokyo.
Equity futures fell and the yen rallied as risky assets were dumped. The yen steadied soon after, raising suspicion that authorities had intervened. The Ministry of Finance declined to comment on intervention.
In contrast to Monday's trading, when construction stocks rose, none of the 225 constituents of the benchmark Nikkei average gained on Tuesday.
CNBC
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