Author Topic: Tokyo stocks fall nearly 4% in early trading+  (Read 1757 times)

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Offline Wretched Excess

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Tokyo stocks fall nearly 4% in early trading+
« on: March 02, 2008, 08:40:22 PM »
Tokyo stocks fall nearly 4% in early trading+


Tokyo stocks plunged nearly 4 percent in early trading Monday as the dollar's fall to the lower 103 yen level and growing U.S. recession fears sharply dragged down export-oriented issues.

At 9:39 a.m., the 225-issue Nikkei Stock Average was down 513.05 points, or 3.77 percent from Friday, to 13,089.97. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 49.23 points, or 3.72 percent, to 1,275.05. The Second Section also lost ground.

Stocks fell across all 33 sectors on the TSE led by declines in iron and steel, securities and marine transport issues.

Automakers and high-tech companies, which export their products to the United States, slumped after the dollar tumbled to the 103 yen level in Tokyo for the first time in about three years. The euro also fell to the upper 156 yen level, down over 2 yen from late Friday in Tokyo.

Market sentiment in Tokyo was also sluggish after stocks on Wall Street dived over 2.5 percent Friday on growing U.S. recession fears and fresh credit concerns plaguing U.S. bond insurers.


the last asian panic didn't really make it to wall street, at least not to the extent that it hit asia and europe.  but my 401K suddenly itches. :-)