Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Around the World's Markets: Tokyo

THE NIKKEI 225 index closed more than 3 per cent down at 15,717.9 amid concern that the benchmark index's recent rise had been excessive.

Traders said Sony and the Bank of Tokyo-Mitsubishi bore the brunt of the profit taking, which intensified towards the close. The heavyweights both fell over 4 per cent.

Buying by foreign investors was the driving force behind the recent rally in the Nikkei average, spurred by hopes Japanese companies are taking long-awaited restructuring steps to steer themselves and the economy back to recovery.