Word: nikkei
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...prices on European exchanges suffered serious erosion, with London's FTSE 100 down 4.2%, Paris' CAC 40 by 3.6%, and Frankfurt's Dax index 2.8%. The trio closed Monday trading with losses of 5.33%, 4.48%, and 3.48% respectively. The European shrinkage followed Asia's lead, with Tokyo's Nikkei index dropping 3.8%, Hong Kong's Hang Seng off 3.9%, Sydney's All Ordinaries falling 2.8%, and Mumbai's BSE Sensex down 3.69%. (See pictures of the global financial crisis...
...what some Toyota department heads in Nagoya, Japan, did this week by asking managers to purchase new cars by the end of the fiscal year - won't stop Toyota's sliding stock. As a stronger yen continues to batter Japanese exporters selling into depressed economies around the world, the Nikkei 225 stock index dances around its 26-year...
...Even that's not enough to excite investors. On the first trading day of 2009, buyers lifted the Nikkei to above the 9000 level for the first time in two months. The boost, however, was short-lived, and the Nikkei continued to drop, after losing 42% in 2008. Now hovering just above 8200, the index is about one-fifth of what it was in 1989 at the peak of Japan's stock-market bubble. (See pictures of scared traders...
...Nikkei hit rock bottom on Oct. 27 at 7162, and some of the more bullish market analysts say it won't see that level again. But as corporate profitability continues to plummet and the global economy worsens, stock-market analysts are waiting for a catalyst. Tsuyoshi Nomaguchi, strategist at Daiwa Securities in Tokyo, says Japan's stocks are not comparatively cheap but are in the "attractive zone," and once recovery measures in the U.S. take effect in the middle of 2009, Japan's stock prices will rise on anticipation of economic growth. "Japan is falling behind [other nations] in implementing...
...just market analysts who are hoping for a Nikkei rebound. Japan has a unique vulnerability to negative stock-price momentum. Cross-shareholdings, a mainstay of traditional Japanese business practice in which companies hold shares of other firms to cement friendly relationships, make stock-price losses a broadly shared pain. Not only are Japan's megabanks involved in cross-shareholding; auto and electronics manufacturers like Toyota, Nissan and Sharp are too. Companies and financial groups own about 20% of the shares on the Tokyo Stock Exchange...