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Market Report -- Japan's Nikkei Takes Dip

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CHEN: Japan's Nikkei stock average fell 2.8 percent today, and fell as much as three percent at one stage. It came as investors dumped a wide range of shares on growing gloom about the global economy. It ended with a five and a half month closing low. Mizuho Financial Group and other banks led the market lower, while Sony Corp slid four percent and touched its lowest level in nearly three years after a recall of its Vaio laptops. Notable losses were also posted by Sumco Corp, which fell over ten percent after a brokerage downgrade, and Resona Holdings Inc, which sank over eight percent. Exporters took a hit as the yen soared to a 13-month high against the euro. The dollar was clawing higher against the yen but still around 107 yen. Market players say that further falls are possible given the worsening economic climate around the world. The Nikkei hit this year's low of 11,691 set on March 17. [Yukio Takahashi, Market Analyst]: "Investors are selling, following the sharp drop of yesterday's Dow Jones industrial average of nearly 350 dollars. The decline in the wall street was caused by the recently released data of the weak labor market and concerns of sluggish growth was increasing not only in the United States but also Europe and other developing countries. So I think now we are at a point where we must expect the worldwide slowdown of the economy." Japanese markets could have also been dragged down by the country's political scene. Japan's prime minister, Yasuo Fukuda, recently announced his resignation.

Category: News
Uploaded: September 6th, 2008 @ 3:38 pm
Author: NTDTV

Length: 01:44
Rating: Whole StarWhole StarWhole StarWhole StarWhole Star
Views: 398

Tags: corp. dip economy exporters financial global group investors japan market mizuho news nikkei ntd ntdtv sony stock sumco

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