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Japan shares reach four-year low in early trading

Text by AFP

Latest update : 2008-12-10

Despite US Congress' approval of a bailout, the Asian markets took a tumble in early Monday trading, with Japanese share prices falling 3.6%, and Seoul and Hong Kong showing similar losses.


   
Japanese share prices tumbled 3.60 percent to hit a four-year low in morning trade Monday on growing worries about the financial crisis, despite US Congressional approval of a Wall Street bailout.
   
Dealers said it was uncertain how effective the US plan will be in stemming the financial turmoil, which is also deepening in Europe.
   
The Tokyo Stock Exchange's benchmark Nikkei-225 index fell 393.81 points to 10,544.33 by the lunch break, levels last seen in May 2004.
   
The broader Topix index of all first section shares dropped 42.44 points, or 4.05 percent, to 1,005.53.
   
Investors were bracing for another weak session on Wall Street when trading resumes there, said Toshihiko Matsuno, deputy equity general manager at SMBC Friend Securities.
   
"Those shares that had been bought up, and the sectors that are directly affected by the current financial situation, are being sold again," he said.
   
The next key support level for the Nikkei is 10,500 points, he said.
   
Investors remained concerned about the outlook for the global economy and financial markets, despite the green light from Congress for a 700-billion-dollar Wall Street bailout bill.
   
Underscoring the worsening conditions in the world's largest economy, 159,000 US jobs were lost in September, official figures showed Friday.
   
There were also mounting concerns about problems in the European banking sector after Germany's fourth biggest bank, Hypo Real Estate, had to be rescued Sunday.
   
The development came after the leaders of France, Germany, Britain and Italy pledged to step up coordination on tackling the financial crisis, but stopped short of agreeing on a joint bailout fund for European banks.
   
Japan's central bank on Monday injected 1.0 trillion yen (9.5 billion dollars) into Tokyo's short-term money market, the 14th straight business day that it has poured emergency funds into the financial system.
   

Date created : 2008-10-06

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