Stocks slump in Japan
Friday 27 December 1996
Meanwhile, food and retailer stocks fared badly after the release of figures showing a decline in November retail sales and anxiety over a planned increase in Japan's consumption tax to 5 per cent from 3 per cent.
At one point in yesterday's trading, the index dropped by 729.5 points, recovering in late afternoon trading.
Analysts said the market was digesting the likely effects of a 77.4 trillion yen budget, passed on Wednesday, which will wipe out income tax rebates and raise sale taxes.
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