Tuesday, 11th November 2008
In Business In Japan,
Japan stocks down as yen strengthens
The Nikkei 225 stock average fell by three per cent yesterday as the downturn in the US economy affected global markets.
It decreased by 272.13 points down to 8,809.30, while the Topix index also saw a fall of three per cent to 889.36, the Associated Press reports.
Hiroichi Nishi, general manager at Nikko Cordial Securities, said that although the situation is not as bad as it was in October, investors remain cautious about where best to place their assets in such times of economic uncertainty.
"Right now, Japanese stocks are at the mercy of global headwinds such as foreign exchange levels and overseas equity markets," he said.
Meanwhile, Matt Buckland, a dealer at CMC Markets, told Reuters that the markets are being affected by suggestions that the recession may be longer than was first expected.
The dollar was found to have fallen by approximately a quarter of a per cent, while the euro gained 0.2 per cent.