Nikkei slides 6 percent as yen advances, banks slide
Mon Oct 27, 2008 1:19am EDT
TOKYO, Oct 27 (Reuters) - Japan's Nikkei average fell more than 6 percent on Monday to a 26-year-low, beaten down as Canon Inc (7751.T: Quote, Profile, Research, Stock Buzz) and other exporters slipped on the yen's advance against the dollar and bank shares tumbled.
Shares of Mitsubishi UFJ and other large banks were hammered on concerns they may need to raise billions of dollars each to offset hefty losses on their stock portfolios. [ID:nT73810]
The benchmark Nikkei .N225 was down 6.4 percent to 7,156.80 and the broader Topix .TOPX down 7 percent to 749.47. (Reporting by Elaine Lies)
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