xcel
10-27-2008, 09:54 AM
Tokyo's Nikkei Hits 26-Year Low
"Japanese companies are so dependent on demand from overseas. The global financial crisis and Japan's economy are locked in a downward spiral." (http://online.wsj.com/article/SB122510213505171531.html?mod=googlenews_wsj)
http://www.cleanmpg.com/photos/data/501/Nikkei_26-year_low.jpgHiroko Tabuchi - WSJ - Oct. 27, 2008
Japanese investors in shock considering the Nikkei close.
The Nikkei is off 81% from its all time high set way back in 1989. This looks like yet another bad day for US markets :( -- Ed.
TOKYO – Tokyo's Nikkei 225 Stock Average slumped 6.4% to a 26-year low on Monday as nervous investors sold shares of banks and exporters on fresh concerns over the fallout from the U.S. financial crisis and an ever-strengthening yen.
The Nikkei lost 486.18 points to 7162.90, its lowest level since October 1982, when Ronald Reagan was U.S. president and Japan was on the eve of an export-led boom that culminated in the burst of its stock-and-real-estate bubble in the early 1990s.
"It's a crisis. It's a psychological shock to think we're back to where we were almost thirty years ago" said Hisashi Takeda, a real-estate worker in central Tokyo.
Fanned by booming exports and rising property prices, the Nikkei surged from the early 1980s to as high as 38915.87 on December 29, 1989. But the bursting of the bubble sent the index to under 20000 in less than nine months. Japan's economy then entered a period of stagnation, with the Nikkei bottoming out at 7603.76 in April 2003 before rebounding to the 18000 level in 2007. On Monday, the Nikkei fell below that post-bubble low for the first time…
Overseas markets accounted for a record 45% of overall sales of Japanese manufacturers in the year through March 2008, according to a recent study by Nikkei… http://online.wsj.com/article/SB122510213505171531.html?mod=googlenews_wsj
U.S. stocks are headed for yet another sharply lower open Monday as stock markets tumbled further around the world on worries about the health of the global economy. U.S. stock futures fell but came well off their worst levels. Dow Jones industrial average futures fell 145, or 1.8 percent, to 8,116, after being down more than 200.
Standard & Poor's 500 index futures fell 18.70, or 2.16 percent, to 847.30, while Nasdaq 100 index futures fell 21.50, or 1.8 percent, to 1,170.00.
"Japanese companies are so dependent on demand from overseas. The global financial crisis and Japan's economy are locked in a downward spiral." (http://online.wsj.com/article/SB122510213505171531.html?mod=googlenews_wsj)
http://www.cleanmpg.com/photos/data/501/Nikkei_26-year_low.jpgHiroko Tabuchi - WSJ - Oct. 27, 2008
Japanese investors in shock considering the Nikkei close.
The Nikkei is off 81% from its all time high set way back in 1989. This looks like yet another bad day for US markets :( -- Ed.
TOKYO – Tokyo's Nikkei 225 Stock Average slumped 6.4% to a 26-year low on Monday as nervous investors sold shares of banks and exporters on fresh concerns over the fallout from the U.S. financial crisis and an ever-strengthening yen.
The Nikkei lost 486.18 points to 7162.90, its lowest level since October 1982, when Ronald Reagan was U.S. president and Japan was on the eve of an export-led boom that culminated in the burst of its stock-and-real-estate bubble in the early 1990s.
"It's a crisis. It's a psychological shock to think we're back to where we were almost thirty years ago" said Hisashi Takeda, a real-estate worker in central Tokyo.
Fanned by booming exports and rising property prices, the Nikkei surged from the early 1980s to as high as 38915.87 on December 29, 1989. But the bursting of the bubble sent the index to under 20000 in less than nine months. Japan's economy then entered a period of stagnation, with the Nikkei bottoming out at 7603.76 in April 2003 before rebounding to the 18000 level in 2007. On Monday, the Nikkei fell below that post-bubble low for the first time…
Overseas markets accounted for a record 45% of overall sales of Japanese manufacturers in the year through March 2008, according to a recent study by Nikkei… http://online.wsj.com/article/SB122510213505171531.html?mod=googlenews_wsj
U.S. stocks are headed for yet another sharply lower open Monday as stock markets tumbled further around the world on worries about the health of the global economy. U.S. stock futures fell but came well off their worst levels. Dow Jones industrial average futures fell 145, or 1.8 percent, to 8,116, after being down more than 200.
Standard & Poor's 500 index futures fell 18.70, or 2.16 percent, to 847.30, while Nasdaq 100 index futures fell 21.50, or 1.8 percent, to 1,170.00.