Tokyo stocks hit 19-year lows

INVESTORS drove Tokyo stocks to 19-year lows yesterday, shrugging off positive growth data on fears the struggling economy was instead primed for another plunge. The dollar was up against the yen.

The benchmark 225-issue Nikkei Stock Average fell 26.25 points, or 0.31%, to end at 8,438.52 points. It was the Nikkei’s lowest close since April 8, 1983, when it closed at 8,435.37 points. On Tuesday, the Nikkei rose 4.40 points, or 0.05%, to 8,464.77.

The dollar bought 119.69 yen at 5pm (3am EST) yesterday, up 0.06 yen from late Tuesday and just above its overnight trading level of 119.64 yen in New York. The greenback traded in a range between 119.56 yen and 119.85 yen in Tokyo.