Tokyo share prices slid on Monday morning even after the financial chiefs of G7 nations issued a statement pledging to take coordinated action to stabilize world markets.
The benchmark Nikkei average of 225-selected issues ended the morning session at 9,178. This was down 121 points, or 1.31 percent, from Friday's close.
The broader TOPIX index lost 13 points to close the morning at 787.
Market analysts say sell orders were placed on a wide range of issues as the downgrade of US credit rating heightened concerns over the outlook of US and other economies. They add that many investors are taking a wait-and-see stance on the New York market...
Monday, August 08, 2011 12:13 +0900 (JST)
MAJIA HERE: Global market jitters are not simply from debt issues but reflect growing concern about Japan's post-Fukushima stability and, even, viability.
There is a reason the US and Canada are stating publicly there is no need to test for radiation in Japanese imports.
Japanese imports include critical electronic products that large corporations in the auto and computer industries (and probably many more industries as well) rely on.
US, EU, and Canadian manufactures will suffer supply chain disruptions if radiation is found in electronics.
Simple solution: Don't check for radiation!
So what if the population is poisoned when cancer rates won't show up for 10 years or so, is the logic here.
But financial markets know that Japan is in trouble.
I bet the US Plunge Protection Team is working doubly-hard in concert with other such teams around the world to keep Japanese stocks and yen from collapsing.
I am very sorry for the Japanese people.
I agree with Chris Busby that Fukushima is an international problem caused by an international industry and corrupt governments internationally.
I am sorry about this terrible tragedy