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Japanese shares tumble 2.99% on Europe turmoil
May 18, 2012, Friday
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Japanese shares slumped 2.99 percent today, following a sell-off on Wall Street as a credit rating downgrade for Greece and 16 Spanish banks spooked investors and piled pressure on the euro.
The Nikkei 225 index at the Tokyo Stock Exchange lost 265.28 points to close at 8,611.31. The benchmark index plunged as much as 3.25 percent in late afternoon trade before making up some ground by the close.
The broader Topix index of all first-section shares finished 2.89 percent, or 21.62 points, lower at 725.54.
"I don't expect to see a buy signal any time soon," said a dealer at a major Japanese brokerage.
Tokyo's fall, mirroring a broader decline on Asian markets, came amid increasing worries that Greece will exit the eurozone, with a possibly devastating impact on the beleaguered bloc, while disappointing US economic data helped send Wall Street lower.
The blue-chip Dow Jones Industrial Average lost 1.24 percent to finish at 12,442.49, with the S&P 500 stock index off 1.51 percent and the tech-rich Nasdaq dropping 2.10 percent.
The Federal Reserve Bank of Philadelphia's manufacturing index fell to -5.8 for May, well below economists' average forecast of 9.3.
Anything below zero indicates a contraction in the US city's business activity.
Fitch Ratings cut Greece's rating a notch yesterday amid fears anti-austerity parties will triumph in new elections set for next month.
And Moody's downgraded 16 Spanish banks -- including its top two -- citing the effects of the country's ongoing recession and reduced creditworthiness of the country's government.
Jitters over Europe have boosted the yen, which was also buoyed by official data yesterday showing Japan's economy grew by a faster-than-expected 1.0 percent quarter on quarter in the three months to March.
However, a strong yen hurts exporters as it makes their products more expensive overseas.
Sony, which reported a record US$5.7 billion annual loss last week, dived 5.25 percent to close at 1,100 yen, touching its lowest levels in three decades.
Toshiba was down 3.72 percent at 310 yen after gaining nearly 6.0 percent yesterday when it pledged to more than double operating profit over the next three years.
Canon was off 2.65 percent at 3,305 yen while Sharp lost 3.06 percent to 379 yen.
The euro stood at 100.42 yen in Tokyo in afternoon trade, the unit's weakest level since early February, and slightly lower than 100.65 yen in New York.
The single currency also lost ground against the dollar, slipping to US$1.2671 from US$1.2693 in New York.
The dollar changed hands at 79.27 yen, nearly flat.
-AFP
The Nikkei 225 index at the Tokyo Stock Exchange lost 265.28 points to close at 8,611.31. The benchmark index plunged as much as 3.25 percent in late afternoon trade before making up some ground by the close.
The broader Topix index of all first-section shares finished 2.89 percent, or 21.62 points, lower at 725.54.
"I don't expect to see a buy signal any time soon," said a dealer at a major Japanese brokerage.
Tokyo's fall, mirroring a broader decline on Asian markets, came amid increasing worries that Greece will exit the eurozone, with a possibly devastating impact on the beleaguered bloc, while disappointing US economic data helped send Wall Street lower.
The blue-chip Dow Jones Industrial Average lost 1.24 percent to finish at 12,442.49, with the S&P 500 stock index off 1.51 percent and the tech-rich Nasdaq dropping 2.10 percent.
The Federal Reserve Bank of Philadelphia's manufacturing index fell to -5.8 for May, well below economists' average forecast of 9.3.
Anything below zero indicates a contraction in the US city's business activity.
Fitch Ratings cut Greece's rating a notch yesterday amid fears anti-austerity parties will triumph in new elections set for next month.
And Moody's downgraded 16 Spanish banks -- including its top two -- citing the effects of the country's ongoing recession and reduced creditworthiness of the country's government.
Jitters over Europe have boosted the yen, which was also buoyed by official data yesterday showing Japan's economy grew by a faster-than-expected 1.0 percent quarter on quarter in the three months to March.
However, a strong yen hurts exporters as it makes their products more expensive overseas.
Sony, which reported a record US$5.7 billion annual loss last week, dived 5.25 percent to close at 1,100 yen, touching its lowest levels in three decades.
Toshiba was down 3.72 percent at 310 yen after gaining nearly 6.0 percent yesterday when it pledged to more than double operating profit over the next three years.
Canon was off 2.65 percent at 3,305 yen while Sharp lost 3.06 percent to 379 yen.
The euro stood at 100.42 yen in Tokyo in afternoon trade, the unit's weakest level since early February, and slightly lower than 100.65 yen in New York.
The single currency also lost ground against the dollar, slipping to US$1.2671 from US$1.2693 in New York.
The dollar changed hands at 79.27 yen, nearly flat.
-AFP
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