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LEAD: Tokyo stocks fall 5% on historic Wall St. plunge.

TOKYO, Sept. 30 Kyodo

(EDS: UPDATING WITH FRESH QUOTES, DETAILS)

Tokyo stocks fell around 5 percent Tuesday in early morning trading, with investor sentiment battered by a historic Wall Street selloff overnight after Congress's unexpected rejection of the U.S. government's financial bailout package intended to stabilize the financial sector.

As of 9:21 a.m., the 225-issue Nikkei Stock Average had lost 579.87 points, or 4.94 percent, from Monday to 11,163.74. The Broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 57.09 points, or 5.06 percent, to 1,070.78.

Losses continued from the outset of morning trading. Within the first 15 minutes of trading, the Nikkei dropped 477.90 points, or 4.07 percent, to 11,265.71 and the Topix was down 53.48 points, or 4.74 percent, to 1,074.39.

The Second Section also lost ground.

Stocks declined across the board, with real estate, nonferrous metal, and iron and steel issues among the major decliners.

Brokers said the unexpected move on the part of the U.S. House of Representatives to vote down the $700 billion bailout bill Monday heightened the uncertain outlook on the U.S.-triggered financial crisis and alarmed investors into concern that it will take longer to resolve the credit crunch.

Panic selling swept across Wall Street, sending the Dow Jones average down 777 points, the largest-ever single-day point loss in U.S. history.
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Publication:Japan Weekly Monitor
Date:Oct 6, 2008
Words:246
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