By  on August 7, 2013

TOKYO — Japanese stocks lost considerable ground Wednesday as the yen strengthened against the dollar and the euro.

The Nikkei 225 slumped 4 percent to close the session at 13,824.94. Other Asian stocks were mostly lower in late-day trade, with Hong Kong's Hang Seng shedding 1.34 percent. Singapore's Straits Times was edging up into positive territory, gaining 0.09 percent.

The yen has been gaining ground in recent trade, which a negative development for Japan's export-dependent economy. Some of Wednesday's biggest losers in retail included Fast Retailing, which shed 6.1 percent to close at 32,900 yen, or  $335.46, and Isetan Mitsukoshi, which lost 5.7 percent to end the day at 1,363 yen, or $13.90.

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