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Docomo rate cuts trigger Japanese telecom sell-off

Earnings worries slash $31bn off top three carriers' market caps

Investors dumped NTT Docomo and its peers on Nov. 1 as the carriers' earnings outlook darkened.

TOKYO -- Shares of Japan's big three telecommunications companies plunged on Thursday, a day after NTT Docomo announced it would lower prices by up to 40%, denting earnings prospects.

NTT Docomo's stock price fell as much as 15% to 2,406 yen, a two-year low for the top player, before ending the session down 14.7%. Second-ranked KDDI plunged 16.1%, while Masayoshi Son's SoftBank Group, the third-largest carrier, fell 8.1% to a four-month low.

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