Japan's markets plunge as dollar erodes

[ConcernedCanuk]

Source: money.cnn.com



Asian investors snub news of JPMorgan's bailout of Bear Stearns and Fed's liquidity move.
March 16, 2008: 9:22 PM EDT

TOKYO (AP) -- Japan's benchmark Nikkei stock index plunged more than 3% early Monday as traders sold exporter issues on a weaker dollar, which plunged to a 12 1/2-year low.

The Nikkei 225 stock index fell 407.81 points, or 3.33%, to 11,833.79 on the Tokyo Stock Exchange about half an hour after the market opened Monday. The index lost 1.54% Friday after losing 3.33% Thursday.


Read more: http://money.cnn.com/2008/03/16/markets/asia_markets.ap/index.htm?source=yahoo_quote

---

Here we go

[bronxiteforever]

1. Kick & R-

[Fresh_Start]

2. not looking forward to what Monday markets hold

what do you think, open down 400 and drop from there?

[CatholicEdHead]

3. Australia's market is also down 2% so far

[thunder rising]

4. Oh yeah! We need another war to straighten out this mess.

[RFK_Democrat]

5. Remember when Japan was going to take us over?

Not Pearl Harbor, but back in the 80s and early 90s when people were worried they were purchasing the country. Meanwhile China came in the back door...

[tekisui]

6. Ho Boy!

This won't be pretty. Last time the Asian/Pacific Markets dove, we had a holiday(MLK day) to prepare. Even then the US markets dove. Of course, we are already to the point that that dive took us to.

Tomorrow will bring a new bottom on the year.

[wundermaus]

8. Asian Stock Market Crashing...

http://finance.yahoo.com/
http://finance.yahoo.com/intlindices?e=asia
http://www.nzherald.co.nz/category/62/story.cfm?c_id=62&objectid=10498634
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
http://money.cnn.com/data/world_markets/
http://biz.yahoo.com/topic/us-markets/

[ConcernedCanuk]

7. A link that updates as it happens for Asia/Pacific

.
.
.

http://finance.yahoo.com/intlindices?e=asia

[Demeter]

9. Special SMW Thread Open for Business--In Case You Didn't Know Yet

[54anickel]

10. Oh my, look at spot gold....spiked over 1030.00

http://www.kitco.com/charts/livegold.html

[dixiegrrrrl]

11. hot damn...

you guys are fast with the good links and info....

thanks !!!:) :) :) :) :) :)

[Dr.Phool]

12. Hang Seng down over 5% already. Nikkei close, over 4%.

Thanks George.

[tuckessee]

13. What's the deal currently with the Nikkei?

I haven't gotten a new quote on Kitco or Yahoo for about 25 minutes. Both are stuck at -514.61.

Have they suspended trading?

[CatholicEdHead]

14. CNBC has also gone to the live CNBC World feed

instead of their reruns.

[ruiner4u]

15. When any given world market hits 10% down please call the alarm...

Otherwise, don't cause panic for people who don't understand that the markets are always in flux. These kind of posts are irresponsible

[The_Casual_Observer]

16. In one day?

[ruiner4u]

35. yes in one day.

3% in one day is not the end of the world that some posters entertain. It sounds really dramatic posting a loss of -300 points, but when the percentage is only 2% or 3% of total daily trading then it is normal trading. See, the things about stocks are they are a gamble. They will not always go up.


So again, please please PLEASE dont start DU panic threads on 2-3% losses of a market since that scares people who dont know how those markets work.

[Divine Discontent]

17. you make a good point

and still, things continually get worse in all sectors, and the nikkei going 4% down is more than just a flux adjustment. Gold is up quite a bit, this isn't good news. Remember them good ol' days when gold was like 400 an ounce not too many years ago? Some people got rich.


I'm glad I'm not an employee on wall st. I'd dread monday, regardless if it's just another 1-2% correction. too much stress dealing with that.

meanwhile, normal americans don't care about this crap and are bewildered at a bag of food costing $30 when it used to cost $15, and gas being nearly 3 times what it was when Clinton left in January 2001.

[ruiner4u]

36. hey im just stating to the OP

I agree with everything you say....And I fear that we are in for something akin to the great depression...


My only thing is about irresponsible gloom posts when any given market posts a small loss... It gives uneducated people a distorted viewpoint that they might fear...

And after over-reaction post, and over-reaction post they might become numb to them.. Like a "Chicken Little" effect. So that when major and important financial news happens they might not listen to it...



Just my 2 cents.

[ConcernedCanuk]

37. Well, some components are looking a little scary

.
.
.

Taking a look at one listing

Hang Seng 21,084.61 4:12AM ET 1,152.50 (5.18%)<<< down (everything I posted below is all DOWN also)

http://finance.yahoo.com/intlindices?e=asia

and in it's components

one of the largest movement is PetroChina trading over 300m shares, down over 6%

PETROCHINA 9.42 4:00AM ET 0.66 (6.55%) 332,198,433

http://finance.yahoo.com/q/cp?s=%5EHSI

and at the same link ICBC down over 5% on almost 600m shares

ICBC 4.65 3:59AM ET 0.27 (5.49%) 587,475,637

and CoscoPacific is over 11% down

COSCO PACIFIC 12.78 3:59AM ET 1.68 (11.62%) 8,263,360

The more I look at the charts, the more concerned I get.

And I don't feel the least bit irresponsible in posting this,

or my original post.

[Liberal_in_LA]

18. U.S. Futures, Asia Stocks, Dollar Decline After Fed Cuts Rate

Source: Bloomberg

Asia Stocks, U.S. Futures, Dollar Decline After Fed Cuts Rate

By Patrick Rial and Emma O'Brien

March 17 (Bloomberg) -- Asian stocks, U.S. index futures and the dollar tumbled, while bond futures rose, after the Federal Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase & Co. agreed to buy Bear Stearns Cos.

All Asian stock benchmarks open for trading fell, led by National Australia Bank Ltd. in Sydney and Mitsubishi UFJ Financial Group Inc. in Tokyo. The dollar sank to a record low against the Swiss franc and a 12-year low against the yen.

``It's dire,'' said Angus Gluskie, who helps manage the equivalent of $500 million at White Funds Management in Sydney. The Fed's actions are ``indicative of the very significant credit issues we've got globally at the moment. And what we've seen with Bear Stearns is just another step in the process.''



Read more: http://www.bloomberg.com/apps/news?pid=20601080&sid=ae5jTiBwIyVA&refer=asia

[NewJeffCT]

19. Pretty soon, the Australian dollar may be worth more

not sure that's ever happened before.

[Bear down under]

28. It has happened before

Back in the late 70s and early 1980 the Oz dollar was worth between $1.10 and 1.20 US. It was probably artificially high then, but it has happened before.

[bbinacan]

20. Which bond futures rose? n/t

[Steven_S]

21. Japan's 10-year government bonds rose.

n/t

[L. Coyote]

22. Nine dollar a bushel wheat has farmers happy. Other sectors booming too.

Farming is still a better business than banking.

Money does not grow on trees, it grows in forests and on farms, and in factories too!

[uppityperson]

23. Please edit to follow LBN guidelines of subject line being news headline.

[sce56]

24. sure looks like latest to me!

[Gman]

25. "Asia Stocks, U.S. Futures, Dollar Decline After Fed Cuts Rate"

is what the headline/subject line should be.

[DBoon]

26. It will stop when out standard of living drops enough

When the average American lives like the average Chinese or South Asian, then the drop will stop.

The USA has effectively become a third world country

[tuckessee]

27. Zero.

That's as low as it can go though US dollars will always have some incalculatably small value as kindling, sanitary paper, bookmarks, curios, and when shredded animal bedding.

[Frank Booth]

29. Yep, I need to buy a couple wheelbarrows to carry my money around.

I better buy soon, before the cost of wheelbarrows goes up to $40,000.

[brentspeak]

30. Header has to be fixed

You have to post LBN threads using the actual headline of the article.

[blayne]

31. I can't wait till Monday.

We will get a taste of what to expect.

[Lydia Leftcoast]

32. Holy moly, I just checked out the Japan Times website to see what the yen is doing

The yen was 100.27 to the dollar at close on Friday. Now, at a bit after Monday noon, Tokyo time, it's at 96.25!

[Art_from_Ark]

39. The dollar was actually in 95 territory at one time

How low will the dollar go? And here I was thinking of stocking up at 102.

[soothsayer]

33. we'll be filling up wheelbarrows with it to buy bread, just like in germany

when their currency tanked

[dipsydoodle]

38. Would be a waste of a wheel barrow

Be better to exchange the barrow for a loaf of bread.

[lligrd]

34. Asian stocks tumble on Bear Stearns news

Source: Associated Press

SEOUL, South Korea - Asian stocks plunged and the dollar sank Monday after JPMorgan Chase said it would acquire troubled U.S. investment bank Bear Stearns, signaling to investors the depths of the credit crisis.

<snip>

But to Asian investors the move suggested that the credit problems, triggered by defaults on risky U.S. mortgages, are far from over — and fanned worries that other big American banks could face serious troubles.

"There is persistent credit uncertainty. Market players have been repeatedly let down which shows the subprime mortgage problems are so deep-rooted," said Atsuji Ohara, global strategist of Shinko Securities in Tokyo.

"Just buying an investment bank does not solve the problem," he said. "Markets are prodding (the U.S. government) to inject public funds."



Read more: http://news.yahoo.com/s/ap/20080317/ap_on_bi_ge/world_markets;_ylt=AptQJ5p5p6C3JH_CJeHbAVys0NUE