Nikkei drops to five-month low on stronger yen

Japanese share market closed the session at lowest level in five months on Friday, 17 October 2014, as yen appreciation against the greenback and growing worries about global economic growth triggered risk aversion selloff. The benchmark Nikkei 225 index at the Tokyo Stock Exchange lost 1.4%, or 205.87 points, to 14532.51. It lost 5% this week. The broader Topix index of all first-section issues was 1.53%, or 18.28 points, lower at 1,177.22 its lowest close since May 22. The Topix gauge dropped 5.3% this week, and has tumbled 13% from a six-year high on Sept. 25, suggesting the market is now in a correction phase.

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