"Nikkei" Closes at Lowest Level in Two Weeks

The Japanese "Nikkei" index fell by 1.22% to its lowest level in two weeks at 27,472.63 points. The broader Topix index lost 1.14%, recording 1,961.28 points. The "S&P 500" index and the "Nasdaq" index ended the session sharply lower last night after a growing wave of weak economic data heightened fears that the Federal Reserve's swift interest rate hikes could push the U.S. economy into recession. The dollar stabilized last night near its lowest levels in two months after the weak data supported the view that the Federal Reserve may not need to raise interest rates much further, leading to a rise in the yen.