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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: borb who wrote (2077)	9/21/1999 9:49:00 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 3902

Not through today... Nikkei down hard on BOJ's refusal to add liquidity to their financial system. Fair use.. educational purposes.. blah.. blah.. bloomberg.com Asian Stocks: Japan Plunges, Led by Exporters, as BOJ Unmoved; Kospi Down By Yukiko Takai Asian Stocks: Japan Plunges, Led by Exporters, as BOJ Unmoved Tokyo, Sept. 22 (Bloomberg) -- Japanese stocks tumbled, with the benchmark index on course for its worst decline in almost a year, as the Bank of Japan offered no new measures to counter gains in the yen that threaten to erode exporter's earnings. The Nikkei 225 average fell 643.99, or 3.6 percent, to 17,288.80, leaving it on course for its biggest decline since last Oct. 8. The broader Topix index fell 3.1 percent to 1482.09. Sony Corp. and other exporters paced the retreat as BOJ policy makers left money supply unchanged yesterday, dashing hopes for joint intervention to halt the yen's rise. ''The market has misjudged the BOJ's actions and we have to pay for it,'' said Masaaki Higashida, deputy general manager at Nomura Securities Co.'s investment information department. ''The yen is still on track to rise.'' In other markets, Australia's All Ordinaries Index fell 0.5 percent as rising bond yields weighed on banks and insurers. New Zealand's Top 40 Index fell 0.8 percent, as Telecom Corp. fell on concerns about the company's planned investment in Australian phone company AAPT Ltd. Korea's Kospi index fell 0.5 percent as a drop in the U.S. stock market clouded optimism Korean exporters will benefit from production disruptions at their Taiwanese rivals, caused by yesterday's earthquake. Exporters Sony, the Japan's second-largest consumer-electronics maker, fell 600 yen to 16,710. Every rise of one yen versus the dollar cuts Sony's yearly earnings 6 billion yen ($57.3 million), according to Kei Sakaguchi, spokesman for Sony Corp. of America in New York. He said the company has ''serious concerns'' about the yen's surge. Toyota Motor Corp., the world's No. 3 automaker, slumped 130 yen to 3,520. Matsushita Electric Industrial Co., the world's biggest consumer electronics maker, fell 70 yen to 2,160. The yen is the best-performing currency against the dollar this year, having risen 8.45 percent. Investors also took their cue to sell exporters from the fall in the U.S. stock market overnight, which may damp consumer sentiment there. The U.S. is Japan's major export market. Seven-Eleven Japan Ltd. and other retailers were also untraded on sell orders after no change was made to the make-up of the Nikkei 225 stock index after its annual review, dashing hopes among some investors that Internet and retailing success stories would be added to better reflect the economy. Shares of the nation's largest operator of convenience stores were untraded on a glut of sell orders. Shares were last offered at 9,570, down from yesterday close at 9,770. The announcement was ''a disappointment,'' said Shoji Hirakawa, strategist at Kokusai Securities Co. ''We can't avoid some selling pressure on shares that had risen on expectations'' of inclusion in the Nikkei.