Tokyo - Japan markets continued their losing streak Thursday, plummeting to a five-year low following Wall Street's overnight losses and a stronger yen dimming export prospects.

The Nikkei 225 Stock Average tumbled 478.95 points, or 5.52 per cent, to 8,195.74. The key index lost more than 7 per cent at one point during morning trading to hit the lowest intraday level since late May 2003.

The broader Topix index of all first-section issues also fell 42.91 points, or 4.83 per cent, to 846.32.

Tokyo investors shed mostly export-oriented issues due to the yen gaining strength versus the dollar, while the US market tumbled overnight with the Dow Jones index losing more than 500 points on concerns over sluggish US corporate earnings reports.

On currency markets at 9 am (0000 GMT), the dollar was quoted at 97.73-78 yen, down from Wednesday's 5 pm quote of 99.29-31 yen. A stronger yen hurts overseas earnings of Japanese firms.

The euro fell to 1.2771-74 dollars, down from Wednesday's 5 pm quote of 1.2865-67 dollars, and at 124.85-90 yen, down from 127.74-78 yen. (dpa)