Stocks in Japan have fallen for the seventh consecutive day on fears that Europe’s economic crisis will further damage the global financial system.
Publish dateWednesday 11 April 2012 - 18:02
Story Code : 39687
Makoto Kikuchi:
Japanese stocks sink for seventh day
On Wednesday, the Nikkei 225 Stock Average extended its longest losing streak since 2009.
The Nikkei 225 fell 0.8 percent to 9,458.74 as of 3:12 p.m. in Tokyo, with almost eight stocks falling for each that rose.
The broader Topix Index dropped 0.9 percent to 805.84, with about three shares rising for each that fell.
“The current situation is quite similar to 2009,” Makoto Kikuchi, chief executive officer at Myojo Asset Management Japan Co., told Bloomberg.
“Once the market bottoms, those investors will rush to the market, trying not to miss the rally as they did after 2009’s losing streak,” Kikuchi said.
Yutaka Miura, senior technical analyst at Mizuho Securities, said the problem is Europe.
“We have been worried about Greece and have largely overlooked the problems in Italy, Spain and European peripherals," he said.
European shares slid overnight after yields on Spanish and Italian debt rose further, as doubts over global growth exacerbated concerns about the fragility of peripheral eurozone economies.
The Nikkei 225 fell 0.8 percent to 9,458.74 as of 3:12 p.m. in Tokyo, with almost eight stocks falling for each that rose.
The broader Topix Index dropped 0.9 percent to 805.84, with about three shares rising for each that fell.
“The current situation is quite similar to 2009,” Makoto Kikuchi, chief executive officer at Myojo Asset Management Japan Co., told Bloomberg.
“Once the market bottoms, those investors will rush to the market, trying not to miss the rally as they did after 2009’s losing streak,” Kikuchi said.
Yutaka Miura, senior technical analyst at Mizuho Securities, said the problem is Europe.
“We have been worried about Greece and have largely overlooked the problems in Italy, Spain and European peripherals," he said.
European shares slid overnight after yields on Spanish and Italian debt rose further, as doubts over global growth exacerbated concerns about the fragility of peripheral eurozone economies.
Source : Afghan Voice Agency (AVA), International Service
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