Japan Stock Market Falling off A Cliff

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[Arkinsaw]

Down 722 - 7% and falling so far.

Asian stock markets plunged Wednesday as recent steps by the world's major economies to fortify credit markets failed to stem escalating fears that the spreading financial crisis could spawn a global recession.

[relee]

3rd worst day in nikkei history. Wow! -9.38%

[AmericanInTokyo]

Tokyo has CLOSED (for the day).

It it was 大引 (daibiki).

Nikkei lost 9.38%! Closed at 9,203.32 Down by almost 1000. It lost 952.58.

I wonder how Sensex and others in Asia still open are doing. Lets see the wave hit Europe in an hour or two from now, and then later in the USA Wed. a.m. your time.

▼ －952.58 (－9.38%)

[jddqr]

Quick, QRIO, use your stock market reversing power!

[maccaca]

It looks like the Chinese index has been doing relatively well. I guess there’s not much left to drop from its peak(already down 60%!!), maybe the Chinese market is closer to bottom?

[1COUNTER-MORTER-68]

It is going to get ugly. Could this be a “turn off the board” day ?

Dow futures are down about 200 points.
~~~
It sure could be,,,

Got ugly a week ago,,,

Some folks I know cashed out then and bought gold/silver.

All we can do now is Ride It...:0/

[jddqr]

Someone should update the title to put the -9.38% figure in there.

[cw35]

When does it close? I can’t seem to find real time quotes on the Japanese market.

[y2gordo]

why cut rates and kill the savers, the few who are actually spending money and keeping the economy going. Low rates got us into this mess and they will not get us out of it.

The more I've been thinking about that, the more I'm beginning to agree. I don't know how the Fed rate affects savings account interest rates, but I'd be much more interested in building a savings account if I was able to get 3% instead of 0.3% .

Anyone know of a good site to learn how interest rates work in America?

[SAJ]

The Russians have an old, old proverb:

''One cannot sow a million seeds without reaping at least one potato.''

Get long JPY, short EUR, and call it a day. 10-15 handles still to be made in it, and no Cramer required.

[silentknight]

Yes, a “bit” probably wasn’t the best word to use. :(

[LibertyRocks]

It closed about 8 minutes ago.

[teletech]

There may be a trigger to stop trading if it went down by 1000. It reached the 900 drop mark already. Day is not over yet.

Markets was just chugging along during the debate. Then went into usual daily (afternoon) shutdown for a few hours. Emerged again in later trading, this was may two hours after the debate was over. Then it tanked. Still tanking:

Looks like we are in for a VERY BAD DAY here when markets open.

[griffin]

Well...look on the bright side. As the markets shrink in capitalization the point drop gets smaller and smaller per percentage drop...asymptotic. So theoretically it can't go to zero! :)

[se_ohio_young_conservative]

I hate to say this.

But the people who leave the market and go on bank runs are cowards. They only make things worse.

[AmericanInTokyo]

WE JUST HAD A VERY STRONG EARTHQUAKE IN TOKYO! I am not kidding. This is not figurative. It felt like a 6.0 at least. For about five seconds. 3:10 p.m. local time. 2:10 a.m. US Eastern time. Can you imagine the timing of it!

[jddqr]

Are you serious???

I hope you’re OK.

Wow, the irony...

[griffin]

Would be very nice for Wall Street to take a nice long weekend starting this moring about 9:30 EST.

[AmericanInTokyo]

yes, we are OK. it shook like hell, but not for too long. it was a back and forth sway, not an up and down, thank goodness. had light fixtures doing a dance.... ;-)

[griffin]

incedible!

[jddqr]

Japanese kami are not happy today...