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    Japan's Nikkei Extends Losses after Nuclear Disaster Raised to Highest Level


    by NTDTelevision

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    Japan's Nikkei average closes down after the country raises the nuclear disaster to the highest level, bringing on par with the Chernobyl accident 25 years ago.

    Japan's benchmark Nikkei average closed down 1.69 percent at 9,555.26, while the broader Topix shed 1.62 percent to 838.51.

    Underscoring worries, Japan's economics minister warned on Tuesday that the economic damage from last month's earthquake and tsunami is likely to be worse than initially thought as power shortages were likely to crimp factory output and disrupt supply chains.

    Further declines in oil prices spurred profit-taking in energy-related shares and helped push the Nikkei stock average, below the key support of 9,612.51, where April Nikkei options settled last week.