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Nikkei at 2-week low on deepening inflation worries

Wed Jun 11, 2008 10:09pm EDT

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(Updates to midday)

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TOKYO, June 12 (Reuters) - Japan's Nikkei stock average slid 2.3 percent to a two-week low on Thursday, battered as Canon Inc (7751.T) and other exporters slid on a stronger yen and deepening inflation fears, with banks falling on renewed signs of trouble in the U.S. financial sector. Shippers extended recent losses, sinking as freight rates tumbled, while property developers also kept falling on worries that interest rates could rise in the face of inflation.

The benchmark Nikkei .N225 shed 321.78 points to hit 13,861.70, its lowest level since late May. The broader Topix was down 2.1 percent at 1,360.61. (Reporting by Elaine Lies)

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