Monday, 1st December 2008
In Business In Japan,
Japan stocks fall in anticipation of bad news from US
Stocks and shares fell in Japan as investors braced themselves for key US data later this week.
The Associated Press reports that the benchmark Nikkei 225 stock average dropped 115.05 points, or 1.45 per cent.
Tsuyoshi Nomaguchi, a strategist for Daiwa Securities in Tokyo, said market players are preparing themselves for bad news about the US economy.
He commented: "They aren't sure what they're supposed to do at this point."
Japanese car manufacturers also saw their stock decline. New sales figures have shown the number of Japanese cars being sold around the world has fallen to its lowest level since the 1970s.
Honda fell 2.88 per cent, while Toyota closed down 1.83 per cent and Nissan shed 2.84 per cent.
Last week, Japanese investors retreated despite gains on Wall Street and the first five-day winning streak for the Dow Jones in several weeks.