Forbes
HONG KONG -Investors ran for the exits in Tokyo on Wednesday, with the Nikkei 225 plunging 9.4% on fear over the health of Japan's exporters and forced selling to cover losses.
Other major Asian stock markets tumbled 4% to 6%, as concern over the widening Western banking crisis and slowing economies outweighed actions by the central banks of Japan and Australia and the Hong Kong Monetary Authority to ease the credit squeeze.
In Japan, the benchmark index dropped the most in 21 years as investors were chilled by a report in the Nikkei business daily based on unnamed sources that asserted that Toyota's profit was likely to fall around 40% in the year to next March on weak sales in the key North American market and slower growth in China--far worse than the automaker's previous forecast.
With investors liquidating losing positions throughout Asia funded by yen borrowing, the Japanese currency strengthened to 99.96 against the dollar, eroding the value of overseas sales for exporters.
Read the full article.
HONG KONG -Investors ran for the exits in Tokyo on Wednesday, with the Nikkei 225 plunging 9.4% on fear over the health of Japan's exporters and forced selling to cover losses.
Other major Asian stock markets tumbled 4% to 6%, as concern over the widening Western banking crisis and slowing economies outweighed actions by the central banks of Japan and Australia and the Hong Kong Monetary Authority to ease the credit squeeze.
In Japan, the benchmark index dropped the most in 21 years as investors were chilled by a report in the Nikkei business daily based on unnamed sources that asserted that Toyota's profit was likely to fall around 40% in the year to next March on weak sales in the key North American market and slower growth in China--far worse than the automaker's previous forecast.
With investors liquidating losing positions throughout Asia funded by yen borrowing, the Japanese currency strengthened to 99.96 against the dollar, eroding the value of overseas sales for exporters.
Read the full article.
