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Tokyo stocks close lower as Japan reenters recession, geopolitical concerns

Xinhua, November 16, 2015 Adjust font size:

Tokyo stocks closed lower Monday as investor sentiment was dampened by worse-than-expected GDP data showing that Japan's economy had sipped into recession, coupled with a risk-off mood following the terrorist attacks in Paris on Friday.

The 225-issue Nikkei Stock Average dropped 203.22 points, or 1.04 percent, from Friday to end the day at 19,393.69, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 14.30 points, or 0.90 percent, to end at 1,571.53.

Local brokers said that worse-than-expected GDP data released by the government in the morning showing that the economy had contracted 0.8 percent in the last quarter, marking the second quarterly contraction, saw investors dump stocks and opt for safe havens.

They added that geopolitcal issues following the terrorist attacks in Paris on Friday, which triggered massive airstrikes on so-called Islamic State positions in Syria by France in response on Sunday, compounded a dour market mood.

Among the day's notable decliners were air transport, retail and miscellaneous product-linked shares. The turnover for the day was 2,035.8 billion yen (16.61 billion yen). Endit