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Japan shares dive 3.36% by lunch
August 5, 2011, Friday
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TOKYO shares tumbled 3.36 percent in the morning session today, following a sharp sell-off on US and European markets amid worries over the American economy and the European debt crisis.
The Nikkei index at the Tokyo Stock Exchange dropped 324.92 points to 9,334.26, but off an intraday low of 9,264.09.
The broader Topix index of all first section shares lost 3.16 percent or 26.10 points to 800.26.
The sharp falls, in line with huge losses across Asia, came after global investors dumped shares in Europe and on Wall Street, with the Dow Jones Industrial Average down 4.3 percent, its worst one-day drop since December 2008.
The chances of dip-buying were slim due to caution ahead of US jobs data due out later Friday, said Takuya Yamada, senior portfolio manager at ITC Investment Partners.
"The market is pinning its hopes on tonight's US jobs data and the FOMC (Federal Open Market Committee) meeting next week" for signs of another round of quantitative easing, he told Dow Jones Newswires.
But many economists are expecting gloomy jobs numbers, after weeks of economic data have pointed to an almost stalled US economy in June and July.
"Concerns about the outlook of the US economy have been stronger than worries about a firmer yen," Monex market analyst Toshiyuki Kanayama said.
Meanwhile, the yen crawled its way back up against the dollar due in part to the US market plunge, a day after Japan intervened in currency markets to weaken the strong yen, which has hurts the country's exporters.
But the gain was capped by speculation that Japan might step back into the market again if necessary.
The dollar stood at 78.67 yen, slipping from 78.93 yen in New York.
Shares tumbled across the board in Tokyo.
Sony lost 4.88 percent to 1,831 yen, Toyota Motor lost 3.82 percent to 3,020 yen and Mitsubishi UFJ Financial Group fell 3.32 percent to 379 yen. Retail giant Aeon lost 1.99 percent to 936 yen.
The Nikkei index at the Tokyo Stock Exchange dropped 324.92 points to 9,334.26, but off an intraday low of 9,264.09.
The broader Topix index of all first section shares lost 3.16 percent or 26.10 points to 800.26.
The sharp falls, in line with huge losses across Asia, came after global investors dumped shares in Europe and on Wall Street, with the Dow Jones Industrial Average down 4.3 percent, its worst one-day drop since December 2008.
The chances of dip-buying were slim due to caution ahead of US jobs data due out later Friday, said Takuya Yamada, senior portfolio manager at ITC Investment Partners.
"The market is pinning its hopes on tonight's US jobs data and the FOMC (Federal Open Market Committee) meeting next week" for signs of another round of quantitative easing, he told Dow Jones Newswires.
But many economists are expecting gloomy jobs numbers, after weeks of economic data have pointed to an almost stalled US economy in June and July.
"Concerns about the outlook of the US economy have been stronger than worries about a firmer yen," Monex market analyst Toshiyuki Kanayama said.
Meanwhile, the yen crawled its way back up against the dollar due in part to the US market plunge, a day after Japan intervened in currency markets to weaken the strong yen, which has hurts the country's exporters.
But the gain was capped by speculation that Japan might step back into the market again if necessary.
The dollar stood at 78.67 yen, slipping from 78.93 yen in New York.
Shares tumbled across the board in Tokyo.
Sony lost 4.88 percent to 1,831 yen, Toyota Motor lost 3.82 percent to 3,020 yen and Mitsubishi UFJ Financial Group fell 3.32 percent to 379 yen. Retail giant Aeon lost 1.99 percent to 936 yen.
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