Tokyo, Sept 25: Japanese share prices closed 3.4 per cent lower Friday, pressured by a deepening political stalemate over bank rescue legislation and a drop on Wall Street the previous day, brokers said. ``I think selling from those who are tired of the prolonged and unsettled debateon Financial reform bills is helping pressure share prices,'' a Kaisei Securities br oker said.The key Nikkei stock average of the Tokyo Stock Exchange fell 481.94 points to Finish at 13,723.84. The broader Topix index of all first-section issues lost 28.08 points to 1, 049.93 points, with an estimated 370 million shares changing hands, down from 460.0 mil lion shares the previous day.
Bank shares were also hit by news one of the largest US hedge funds was on the Verge of a collapse despite the New York Federal Reserve Board's surprise announcement of a bail-out plan, brokers said. ``The main reason for the fall of bank issues today is the failure of the US hedge fund,'' one broker said. ``The future movement of the New Yorkmarket is becoming more uncertain,'' the broker said.
Brokers said the previous day's rally on expectations for an interest rate cut in the United States did not have a lasting impact as any rate cut would be for a domestic need.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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