Japanese stocks snap their biggest drop in 10 months

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Source: Dukascopy Bank SA
Japanese equities dropped, sending down the Nikkei 225 Stock Average to cap its biggest decline in almost one year, as the Yen strengthened against its major peers after European policy makers decided to impose a 6.75% levy on all deposits under 100,000 euros in Cyprus. The finance ministers' agreement reached on March 16th raised concerns over deepening crisis in the euro-block. The Nikkei 225 Index slumped 2.7% to 12,220.63, the biggest decline since May 18. All groups in the index tumbled. Dainnippon Screen Manufacturing dropped 7.5% to close at 445 yen to pace losses in industrial shares. Sony Corporation followed with a 6.8% slump to drag down consumer goods group that was 2.83% lower. Nisshin Steel Holdings erased 6% to trade at 733 yen, adding to the 2.3% fall in basic materials group. The top performer was Keisei Electric Railway Co with a 2.2% advance to cap losses in industrials.

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