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Nikkei falls, Exporters drop

FXStreet (Mumbai) - Japanese shares fell today after positing one of the biggest single day rallies off-late, as exporters dropped on a stronger Yen.

The Nikkei slumped 2.03% or 306 points to 14,804 levels, down from the yesterday’s close of 15,111 levels. Japan steel works share prices tumbled 6.54% today after the company said it will book a one time loss due to issues with wind-power generators. Meanwhile, the advanced material manufacturer, Unitika, fell 6.12%. Overall, the market breadth was extremely negative with an advance decline ratio of 5:220 at the closing.

The fall was also aggravated by exporter stocks which took a dive tracking the appreciation in the Yen. Toyota Motor Corp fell 1.61%, while Sony Corp., an electronics maker, fell 1.49%.

Nikkei Technical levels

The index has managed to end the day above a critical support level of 14,753. Nikkei may rally to 15000 levels if the 14,753 support level is not breached tomorrow. Meanwhile, the index can fall to 14,672 levels if the support level of 14,753 is breached.

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