Around the World's Markets: TOKYO

THE NIKKEI average slipped 157.95 points, or 1.06 per cent, to close at 14,755.54 amid intense speculation about heavy derivatives losses at leading Japanese banks.

Fuji Bank, the country's fifth largest bank, tried to dispel as "totally groundless"speculation that it had lost 2-3 trillion (pounds 9bn- pounds 13bn) in overseas derivative trades. Traders remained unconvinced and Fuji shares lost more than 15 per cent of their value, closing at 329.