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2013.07.1902:47:42UTC+00Japan stocks punch down declines; futures selling cited

Japanese stocks beat a hasty pull back in extreme volatility Friday, with traders citing heavy selling in the futures market as the reason behind the decline. After a comfortably greater opening, the Nikkei Stock Average plunged more than 2.5% within a matter of minutes, before recovering some of those losses. The benchmark declined 1.1% a half-hour before the midday break in Tokyo, with losses spread across sectors. The drops were accompanied by a strengthened yen, with the U.S. dollar backsliding off the day's high at ¥100.87 to about ¥100.40. 

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