Japan stocks plunged over 3 percent Monday as the Yen gained strength against the dollar and soaring fears of U.S. credit turmoil.
The 225-issue Nikkei Stock Average dropped 454.09 points, or 3.71 percent, from Friday to 11,787.51. The index closed below the 12,000 line for the first time since Aug. 9, 2005, when it finished at 11,900.32.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange decreased 43.58 points, or 3.65 percent, to 1,149.65, closing at its lowest level since June 13, 2005, when it finished at 1,149.66.
Among all the TSE first section issues, 1,507 issues decreased and 179 issues increased. The trading volume reached 2,452 million stocks or 2,559.9 million yen.
The Japanese Currency is being traded in the level of 97 yen per U.S. dollar. In the morning, the currency was traded in the level of 95 yen per U.S. dollar, marking the strongest yen against U.S. dollar in almost 12 years and 7 months.
Japan stocks showed decline for three-straight trading day, especially mining, oil and consumer finance issues showed sharp decline.