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Nikkei hits new 18-month low on U.S. economy woes

Tue Jan 8, 2008 9:18pm EST

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(Updates to midsession)

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TOKYO, Jan 9 (Reuters) - The benchmark Nikkei average fell to a new 18-month low on Wednesday, tumbling 1.7 percent in the first few minutes of trade, as the spectre of a U.S. recession grew and a higher yen took a toll on exporters. But investors surged to defensive shares such as drugmaker Eisai Co Ltd (4523.T), and heavy buying of communications firm NTT (9432.T) also provided support.

By midsession the Nikkei .N225 had pared its losses and was down 0.75 percent at 14,419.86. It earlier fell to 14,271.57, a fresh 18-month low, down more than 1,000 points since 2008 trade began on Jan. 4. (Reporting by Elaine Lies)

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