Tokyo's Nikkei hits new 19-year low on Wall Street

Reuters ^ | 7 October 2002

[Asmodeus]

TOKYO, Oct 7 (Reuters) - Tokyo's Nikkei average fell to a new 19-year intraday low on Monday, led by drops in banks and other blue chips such as Sony Corp, with sentiment beaten by another tumble on Wall Street.

The Nikkei was down 180.81 points or 2.00 percent at 8,846.74 as of 0011 GMT, its lowest intraday since 1983.

The TOPIX index was down 1.85 percent at 875.10.

Major bank issues extended last week's heavy losses, with Mizuho Holdings falling 4.72 percent to 203,000 yen and UFJ Holdings sliding 6.88 percent to 203,000, adding to a 32 percent loss last week.

Nervous investors bet that the government would force banks to tighten the screws on ailing borrowers, eating into lenders' capital and triggering a wave of corporate failures.

Consumer electronics giant Sony lost 2.32 percent to 5,050 yen, while NEC Corp dropped 4.05 percent to 498 yen.

On Friday, the tech-laden U.S. Nasdaq composite index slid 2.2 percent, while the broader market rung in its sixth straight week of losses, on a hail of dismal earnings outlooks, and increasing fears of a war in Iraq.

[Vets_Husband_and_Wife]

President Bush probably caused THAT too!!! </sarcasm

[laconic]

Japan has been in a recession for eight years or so, it seems they may be going to a Depression. The central bank can't cut interest rates (they're at ZERO) and succeeding governments have done nothing about the sclerosis that affects the business structures. Not good news.

[Anti-Bubba182]

TAKE BACK THE SENATE!
VOTE OUT THE DEMS!

DONATE TODAY!!!. SUPPORT FREE REPUBLIC

Donate Here By Secure Server

Or mail checks to
FreeRepublic , LLC
PO BOX 9771
FRESNO, CA 93794

or you can use

PayPal at Jimrob@psnw.com
STOP BY AND BUMP THE FUNDRAISER THREAD

[bruinbirdman]

Nikky is 8846? What happened to 39K? I thought an acre of Tokyo was worth California.

Japan, the great FDR socialist experiment. Worse than the EU. Good thing they don't have a large enough military to confiscate treasure from neighbors. Unlike the bankrupt EU who can conquer Serbia and intimidate other third world former commer countries.

Watch for Dow 6K and NASDAQ 1K.

yitbos, BBM

[gcruse]

The Nikkei is on Wall Street?

[Cicero]

The Serbian army would have beaten the pants off NATO without American involvement.

The air war was virtually a one-country operation, with only token help from the others.

[SauronOfMordor]

The Nikkei is on Wall Street?

Translation: they're saying that last week's Dow performance triggered a selloff in Japan (Japan's economy is dependent on the health of the US economy)

[justsomedude]

it's -312 now. it was -387 a little bit ago.

[blam]

"Nikky is 8846? What happened to 39K? I thought an acre of Tokyo was worth California."

Yup, remember all that. I also remember that the world was suppose to end if the Nikkei ever dropped below 20k. Is that still expected?

[montag813]

Sell stocks, buy bonds and gold, at least in short term. SPX will test 750 this week, and Dow has next support at 7000, which should be reached this week also.

[MeneMeneTekelUpharsin]

Nikkei now down 3.46% as of 15 minutes ago.

[RightWhale]

This trend on the Japanese stock market has been making news lately. It isn't good and doesn't look like it's going to be good anytime soon.

[altair]

There was a big cabinet shakeup last week. Some were disappointed by Koizumi not appointing more Keynesian people, though why that should drive the market down, I don't know.

[altair]

There was a brief attempt to keep it above 10k. It lasted all of one day.

[bruinbirdman]

"The air war was virtually a one-country operation, with only token help from the others."

A point well taken. Then again Klintoon was a complicit eurosocialist

yitbos, BBM

[lafroste]

So, with a well understood niche market, a series of incremental improvements in the state of the art that add up to an overall significant improvement in available capability, a large market that is mostly untapped, and a well written business plan that explains all this, only one question remains...

Is this a good time or a bad time to seek startup capital in the micro-cap end of the spectrum?

It seems to me that it could be a good time because investors are rudderless, techs suck, energy sucks, retailers suck... so they may be more inclined to look at something they might have ignored in the tech heydays, and, if successful, the new company could be well positioned by the time things do begin to recover.

OTOH, the available pool of capital has been decimated so badly that the chances of finding a few daring souls willing to part with several million dollars for a couple of years has probably diminished.

decisions, decisions...

[bruinbirdman]

Don't buy gold. It pays no dividends, accumulates no interest, costs bucks to buy, store, maintain and sell. The blip in gold prices is over. Golds 15 year bear market will continue. Buy low sell high. Gold is a commodity. It is a tough business.

yitbos, BBM

[bruinbirdman]

"Is this a good time or a bad time to seek startup capital"

No bucks for socialists.

Stay out of Japan.

yitbos, BBM