DJ: Tokyo Stock Market Plunges On Latest Bankruptcy, Wall Street
Losses
NEW YORK -(Dow Jones)- Japanese stocks nosedived Thursday morning in Tokyo,
hurt by a sell-off on Wall Street and renewed investor concerns about the
country's stagnant economy following another bankruptcy filing by a major
company. The dollar rose against the yen.
After nearly two hours of trading, the Nikkei 225 index was down 674.13
points, or 4.2%, at 15487.51, extending Thursday's 379.42-point, or 2.3%,
decline. Investors fears about the economy grew further after Toshoku Ltd., a
foodstuffs trader, filed for protection from creditors. Toshoku is the ninth
listed Japanese company to file for protection in 1997. The Tokyo Stock
Exchange said it will delist Toshoku shares March 19. Sakura Bank, a main bank
for Toshoku, said its outstanding loans to the failed company total 106.9
billion yen (US$830.4 million), of which about 72 billion yen will be
unrecoverable.
As I send this it is down over 700.
Tclaude |
