Nikkei Marks Fresh 17-Year Low
TOKYO (Reuters) - Tokyo's key Nikkei average hit a fresh 17-year low on Monday morning as investor sentiment --already fragile ahead of the resumption of U.S. trading -- was battered by a firmer yen and a sharp slide in European stocks.
U.S. stock markets are scheduled to reopen for business on Monday nearly a week after terror attacks pulverized the World Trade Center in New York.
The benchmark Nikkei average was down 560.55 points or 5.60 percent at 9,448.34 at 8:38 p.m. EDT Sunday, after falling as low as 9,447.76, the lowest intraday level since December 1983. The capital-weighted TOPIX index fell 44.15 points or 4.27 percent to 989.66.
Blue-chip exporters were sharply down, with electronics giant Sony Corp down 8.08 percent at 4,210 yen and top automaker Toyota Motor Corp down 4.69 percent to 3,050 yen.
Traders said the outlook for the New York market, at least in the short term, is bleak after the devastating attacks on New York's financial district have intensified fears that the economy may slip into recession in the United States, Japan's largest trade partner.
In the banking sector, Mizuho Holdings Inc fell 5.41 percent to 490,000 yen after the world's largest bank by assets on Saturday cut its group net forecast for the half year to September to a loss of 260 billion yen ($2.21 billion) from a 90 billion yen profit.
The loss warning followed the collapse of debt-ridden retailer Mycal Corp, which filed for court protection from creditors last week after Dai-Ichi Kangyo Bank Ltd, a member of Mizuho, said it could no longer support the retailer.
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