Tokyo stocks drop 5% in first opening since quake

Tokyo shares fell 5.2 percent on Monday in their first opening since Friday, when Japan was struck by the biggest earthquake in its history and a devastating tsunami.

The Nikkei index of the Tokyo Stock Exchange fell 540.39 points, a 4 percent drop, shortly after opening to 9,714.04.

The Bank of Japan has injected 7 trillion yen ($85.7 bln) into its money markets amid market reactions to the disaster.

Earlier the yen briefly touched a four-month high against the dollarin with currency markets responding to the massive earth tremor.

As of 8:40 am (2340 GMT Sunday), the dollar changed hands at 81.25 yen against 81.91 in New York late Friday. The euro traded at 113.53 yen, compared with 113.89 in New York.

Source:AFP Asian Edition

Creative Commons image via flickr user rogb877.