Tokyo drops on impact of slowdown
Nikkei down 1.9% after Wall St. losses, U.S. jobless data
By Mariko Ando, CBS.MarketWatch.com
Last Update: 9:08 PM ET Sep 9, 2001
TOKYO (CBS.MW) - Tokyo stocks tumbled Monday on fears of reduced demand for Japanese goods following the release of U.S. data showing a huge climb in the unemployment rate.
The Nikkei Average dropped 1.93 percent, or 203.39 points, to 10,313.40 by early morning. The broader Topix lost 1.83 percent to 1,061.08.
Major export sectors such as electronics manufacturers and automakers lost ground. The U.S. jobless rate rose to a four-year high of 4.9 percent in August, sending U.S. stocks lower Friday. The Dow dropped 2.4 percent, while the Nasdaq lost 1.05 percent.
The market was also subdued ahead of key economic data at home. Japan's July core machinery orders data, a key indicator of corporate capital spending, is scheduled to be released mid afternoon.
South Korea's Kospi lost 0.91 percent to 550.02 points shortly after the open. Australia's All Ordinaries Index was trading down 0.95 percent at 3,148.40 in early morning trade.
The dollar was quoted at 120.17 yen by early morning Tokyo, up from 120.09 yen in New York late Friday.
-------------------------------------------------------------------------------- |
