Wednesday, 11th August 2010
In Business In Japan,
Fall in Asian stocks on new data
Shares on a number of Japanese stock exchanges have fallen after new data suggested that economic recovery around the world could be slowing down.
The Japanese stock exchange the Topix saw its biggest fall in two months and the Nikkei Stock Average also saw large drops. Some of the worst hit Japanese firms included industrial robot manufacturer Fanuc.
Share indexes in Australia, Taiwan, New Zealand and Singapore took hits, as did the South Korean Kospi which fell by 0.8 per cent.
The falls followed weak data from Wall Street as well as worse-than-expected new manufacturing data from the Japanese sector.
Speaking to Bloomberg, fund manager in Tokyo for Shinkin Asset Management Tomomi Yamashita said: "A slowdown in the global economy is now obvious and that is cooling investor sentiment. There are no attractive positions to take right now in markets. We?re waiting for better economic data."
Japan's recent economic downturn and recession were the worst seen in the country since the end of the second world war and as well as this, the nation is struggling with high levels of deflation.
Written by Mark Smith