Nikkei falls sharply as US consumer spending disappoints

Japan's Nikkei fell overnight as concerns over weak US growth figures hit the country's export sector.

The Nikkei closed down 1.4% at 15,095 following the news that US consumer spending was poorer than expected. Consumer spending in the US increased by just 0.2% in May, after being flat in April. This follows problems in the first quarter caused by bad weather, which many blamed for causing the slowest rate of growth for five years. However, the latest figure means analysts are sceptical of just how much of a role bad weather is having on consumer confidence, with concerns growing the rate of growth is not as strong as hoped. The news hurt exporters with major Japanese players su...