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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Chris who started this subject2/7/2002 9:53:02 PM
From: Paul Shread  Read Replies (4) of 52237
 
You've got to read the quote in this story to believe it:

Thursday February 7, 8:22 pm Eastern Time
Tokyo stocks turn higher as ministers speak out
(UPDATE: Updates with comments from ministers, prices rise)

TOKYO, Feb 8 (Reuters) - Tokyo shares erased early falls and moved smartly back into positive territory by mid-morning on Friday as ministers said the government would have to do something to stop the recent slide in stock prices.

``We must halt this fall in shares. It's like diarrhoea, we must stop it,'' Finance Minister Masajuro Shiokawa told a news conference.

Shiokawa said he wanted the Ministry of Finance to provide two trillion yen ($14.96 billion) to a state stock-buying body to buy shares from banks, which are trying to get rid of their massive shareholdings because losses have eroded their capital.

Shares in major banks rose on hopes the government would take policy initiatives sooner rather than later.

Sumitomo Mitsui Banking Corp , Japan's second-biggest bank and the most actively traded issue by volume, gained 4.87 percent to 474, bouncing from an earlier low of 436. This helped send the banking sector subindex up 2.68 percent.

The benchmark Nikkei average was up 161.99 points or 1.69 percent at 9,745.26 as of 0104 GMT.

The broader TOPIX index (^TOPX - news) was up 11.91 points or 1.27 percent at 953.15.
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