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Nikkei down as yen hits exporters, Panasonic falls

Sun May 17, 2009 10:07pm EDT

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TOKYO, May 18 (Reuters) - Japan's Nikkei stock average lost 2.9 percent on Monday and touched its lowest point in more than two weeks, with exporters hit as the yen advanced and Panasonic Corp (6752.T) tumbling after issuing a gloomy earnings outlook. Panasonic fell more than 7 percent after it forecast a bigger-than-expected annual loss following a record quarter of red ink battered by weak demand, price falls and restructuring costs. [ID:nT317165]

Stocks  |  Japan

The benchmark Nikkei .N225 lost 264.67 points to 9,000.35 after briefly falling as low as 8,997.74, its lowest since May 1, while the broader Topix fell 2.7 percent to 857.52. (Reporting by Elaine Lies)

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