Japan's stock dropped after global slide

tag:blogger.com,1999:blog-91921071230884272.post-5641802435330593272008-11-06T18:00:00.000-08:002009-01-12T21:01:36.531-08:00Japan's stock dropped after global slide<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_YqYaSbT8xWI/SROlzGyHA0I/AAAAAAAACFE/QcZoyR8IzyA/s1600-h/japan.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 320px; height: 236px;" src="http://1.bp.blogspot.com/_YqYaSbT8xWI/SROlzGyHA0I/AAAAAAAACFE/QcZoyR8IzyA/s320/japan.jpg" alt="" id="BLOGGER_PHOTO_ID_5265734686738940738" border="0" /></a><p>Asia's financial crisis deepened today after Japan's Nikkei stock average fell almost 10% in its biggest single-day drop for more than 20 years.</p><p>The world's second-biggest economy was also rocked by the collapse of an established life insurer: Yamato Life Insurance becomes the country's first major victim of the US credit crunch.</p><p>The Nikkei, already reeling from a fall of almost 10% on Wednesday, shed 881 points, or 9.62%, to end the day at 8,276, its lowest close since May 2003. </p><p>The index has fallen by an average of 24% this week, more than double the weekly losses seen in the aftermath of the 1987 stock market crash. The Nikkei has lost 46% this year and nearly a quarter of its value since last Friday.</p><p>"Selling is unstoppable in New York and Tokyo," said <meta equiv="Content-Type" content="text/html; charset=utf-8"><meta name="ProgId" content="Word.Document"><meta name="Generator" content="Microsoft Word 12"><meta name="Originator" content="Microsoft Word 12"><link rel="File-List" href="file:///C:%5CUsers%5CTasmit%5CAppData%5CLocal%5CTemp%5Cmsohtmlclip1%5C01%5Cclip_filelist.xml"><link rel="themeData" href="file:///C:%5CUsers%5CTasmit%5CAppData%5CLocal%5CTemp%5Cmsohtmlclip1%5C01%5Cclip_themedata.thmx"><link rel="colorSchemeMapping" href="file:///C:%5CUsers%5CTasmit%5CAppData%5CLocal%5CTemp%5Cmsohtmlclip1%5C01%5Cclip_colorschememapping.xml"><style>  </style><span style="font-size: 14pt; line-height: 115%; font-family: "Times New Roman","serif";" lang="EN-US">Kido Takashi</span>, a senior strategist at <a href="http://www.nextfutures.com">NEXT Futures</a>. "Investors were gripped by fear."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/91921071230884272-564180243533059327?l=www.marketsnmoney.com' alt='' /></div>Traderhttp://www.blogger.com/profile/13309761269649139032noreply@blogger.com0