Monday, January 28, 2008 5:46 pm | 
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Nikkei falls nearly 4 percent after three-day rally
Japan’s benchmark Nikkei index saw the end to a three-day rally and closed Monday after falling nearly 4 percent, tracing heavy equity falls across Asia amid concerns about the U.S. mortgage crisis.
The Nikkei 225 index lost 541.25 points, or 3.97 percent, to close at 13,087.91 points on the Tokyo Stock Exchange. On Friday, the index had gained 4.1 percent.
Japan has either already entered a recession or will do so in the January-March period, said one economist quoted by the Associated Press.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 51.74 points, or 3.85 percent, to 1,293.03.
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While low-cost carriers have since long been successfully operating throughout the U.S., Europe, and southern Asia, Japan has seen very little of the low-price action.
