Nikkei drops over 2

The Nikkei was down by over two per cent today (August 15th), erasing some of the gains built up over the course of the last week.

After a 1.3 per cent increase yesterday saw the Nikkei hit a one-week closing high, its value dropped by 2.1 per cent during today's session, reports Reuters.

Futures selling was picked out as one of the main reasons why the index was down 297.22 points to 13,752.94, while falls on Wall Street overnight also forced the value of the Nikkei lower during the session.

Trading volume was light and the broader Topix was also down during today's trading, experiencing a 1.7 per cent dip to 1,151.82.

Japanese government spokesman Yoshihide Suga and finance minister Taro Aso both moved to reassure investors today that the country's government not going to introduce a corporate tax cut any time soon.

The Nikkei's 1.3 per cent increase in value yesterday came mainly in a late rally on the day.

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