TOKYO The key index of the Tokyo Stock Exchange took itssecond-largest plunge ever today as the dollar surged to a three-yearhigh against the Japanese yen.
Analysts said both markets were shaken by a report in Japan'stop financial newspaper that major life insurance companies plannedto shift funds out of the stock market.
The drop in stock prices helped spark a decline on stock marketsin New York, London and several Far Eastern cities.
In its lead front-page story, the newspaper Nihon Keizai saidmajor insurance firms, including Dai-ichi Mutual Life Insurance Co.,Nippon Life Insurance Co. and Sumitomo Mutual Life Insurance Co.,planned to sell large …
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