Shares in Japanese game maker Nintendo Co dropped below the key 15,000 yen level to a 2002 low on Wednesday, hit by concerns the rising yen will slice into overseas sales and the value of its hefty dollar-based assets. Shares in the world's second-largest home game console maker and largest game software maker fell as low as 14,760 yen -- its lowest intraday level this year -- before recouping some losses to end at 15,000 yen, down 0.2 percent. The third straight day of declines reflected concerns that the rapid rise in the yen, on top of recent price cuts for its GameCube game console, would dent earnings.

"Nintendo's earnings are highly sensitive to currency fluctuations. A one-yen rise against the dollar would hit its earnings per share by 40 yen for this year," said Ken Uryu, senior analyst at Merrill Lynch. "For investors, many of whom are foreigners, Nintendo stock still does not look cheap by valuation." Shares in Nintendo, 36.7-percent owned by foreign investors as of end-March, last traded below 15,000 yen in September 2001 after the September 11 attacks on the World Trade Center and the Pentagon.