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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Voltaire who wrote (6823)	10/9/2000 11:27:50 PM
From: T L Comiskey	Read Replies (1) \| Respond to of 65232

Tokyo Stocks Fall on Bankruptcy News TOKYO (Reuters) - Japanese stocks fell in Tuesday morning trade in reaction to the bankruptcy of Chiyoda Mutual Life Insurance Co and losses on the U.S. Nasdaq market. Brokers said the reaction to Monday's news that Chiyoda Mutual Life had sought court protection from creditors owed 2.94 trillion yen ($26.95 billion), making it the largest Japanese insurer to ever fail, was limited as investors had been expecting the company to declare bankruptcy. ``It was no surprise to the stock market or the currency market,'' said Hidenori Kawasaki, general manager of equities trading at Kokusai Securities. ``That said, this is definitely a blow to sentiment and could prompt more foreign investors to rethink their investments in Japan.'' On the Tokyo Stock Exchange, the 225-issue Nikkei average fell 160.65 points or 1.0 percent to 15,833.59 by the midday break. The capital-weighted TOPIX index of all first-section shares fell 18.03 points or 1.20 percent to 1,484.99. Tokai Bank Ltd, which had spearheaded rescue efforts for Chiyoda Life, fell 2.85 percent to 546 yen. Tokai Bank said it may not recover 74 billion yen ($680 million) in funds extended to Chiyoda Life. Companies in which Chiyoda Mutual Life Insurance is a major shareholder also fell on concern it will have to sell those stakes to repay creditors. Asahi Bank Ltd fell 6.94 percent to 429 yen. Chiyoda Fire & Marine Insurance Co Ltd, whose major share holder is Chiyoda Mutual Life, tumbled 7.06 percent to 303 yen. Chugai Pharmaceutical Co Ltd slid 3.15 percent to 1,935 yen, construction company Taisei Corp dropped 4.88 percent to 156 yen and retailer Mitsukoshi Ltd sank 5.26 percent to 396 yen. ($1-108.80 Yen)