TOKYO (AP) — Japanese shares plunged for a second day Tuesday as investors unloaded assets on escalating fears of a nuclear crisis.
The benchmark Nikkei 225 stock average shed 573.12 points, or 6 percent, at 9,047.37 in early trading Tuesday, extending losses from the previous day. The broader Topix lost 7 percent.
The index tumbled more than 6 percent Monday on the first trading day since the devastating earthquake and tsunami struck Friday, washing away towns and killing thousands of people.
Troubles at a nuclear power plant in the area have worsened the situation. A third explosion in four days rocked one plant early Tuesday as authorities struggled to avert a catastrophic release of radiation.
The sell-off hit nearly every business sector, with electric companies under intense pressure again. The Tokyo Electric Power Co., which operates the crippled nuclear plant, was overwhelmed with sell orders and had yet to trade. Toshiba Corp., a maker of nuclear power plants, was also untraded.
Markets elsewhere in Asia were mixed. South Korea’s Kospi was virtually flat at 9,047.37, and Australia’s S&P/ASX 200 fell 0.5 percent to 4,603.80.
On Wall Street Monday, concerns over the economic impact of the earthquake and tsunami in Japan — the world’s third-largest economy — led to a broad sell-off.
The Dow Jones industrial average lost 51.24, or 0.4 percent, to 11,993.16.
The broader S&P index fell 7.89 points, or 0.6 percent, to 1,296.39. Nine out of the 10 sectors that make up the Standard and Poor’s 500 index lost ground. Utilities companies fell 1.4 percent, the most of any group.
The Nasdaq composite dipped 14.64, or 0.5 percent, to 2,700.97.
The dollar was worth 81.84 yen from 81.65 late Monday. The yen retreated from a four-month high after the central bank took extraordinary measures to support the economy.
Major natural disasters like earthquake tends to bolster the yen because investors expect the Japanese public and insurance companies to buy back their home currency in order to fund the country’s reconstruction, increasing demand for the yen.   Copyright 2011 The Associated Press.