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To: SusieQ1065 who wrote (558)	6/11/2001 11:06:04 PM
From: keithcray	Respond to of 26752

Japan's banks get hit by Moody's By Mariko Ando, CBS.MarketWatch.com Last Update: 9:14 PM ET Jun 11, 2001 TOKYO (CBS.MW) - Japanese banks sank Tuesday on concerns over their bad loan problems, while technology shares tracked the Nasdaq's two percent decline. By early morning, the Nikkei Average was down 0.88 percent, or 12.46 points, at 13,110.62. The broader TOPIX was off 0.95 percent at 1,297.29. Banks got hit after Moody's Investors Service placed the D+ bank financial strength rating of Bank of Tokyo-Mitsubishi under review for a possible downgrade. The move triggered selling of debt-ridden banks as investors feared that they would continue to waste capital trying to clean up their massive problem loans. In New York, the Nasdaq closed at 2,170.78, down 44.32, while the Dow fell half a percent. In Australia, investors returned from Monday's holiday with selling in mind. The All Ordinaries Index dropped 1.06 percent to 3,329.60 points by early morning. South Korea's Kospi fell 0.24 percent to 606.75 points as large-cap technology and telecom shares remained under pressure. New Zealand's NZ Top 40 was down 0.4 percent at 2,052.29 by mid morning. The dollar was trading at 121.89 yen in early morning Tokyo, steady from 121.90 yen in New York late Monday. It changed hands at 121.46 yen late Monday in Tokyo. -------------------------------------------------------------------------------- Mariko Ando is a Tokyo-based reporter for CBS MarketWatch.com.