Nikkei logs biggest weekly fall in 3 yrs, Fast Retailing sinks

Fri Apr 11, 2014 2:30am EDT

TOKYO, April 11 (Reuters) - Japanese shares tumbled to
six-month lows on Friday and posted their biggest weekly fall
since the March 2011 tsunami and nuclear disaster after a rout
in U.S. tech shares spurred selling by momentum players.
    The Nikkei fell 2.4 percent on the day to 13,960.05,
the lowest finish since Oct. 8 and down 7.3 percent on the week.
It was the biggest weekly fall since the week following the
earthquake in March 2011, when the Nikkei fell 10.2 percent.
    Fast Retailing, the Nikkei heavyweight and casual
clothing giant, sank after it cut its full-year operating profit
forecast at a time when investors were already nervous about
fallout from a sales tax hike. 
    While the Nikkei was dragged down by Fast Retailing and
another Nikkei heavyweight SoftBank, the broader Topix
index fell 1.3 percent and the new JPX-Nikkei Index 400
 dropped 1.4 percent.
    

 (Reporting by Hideyuki Sano; Editing by Eric Meijer)
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article