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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56389)	11/28/2001 1:10:21 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

11/28 00:40 Asian Stocks: Japan Falls, Led by Mizuho; Asian Exporters Drop By Tomoko Yamazaki quote.bloomberg.com Tokyo, Nov. 28 (Bloomberg) -- Japan stocks fell for a second day, led by Mizuho Holdings Inc., after Niigata Engineering Co. filed for bankruptcy, raising concern more corporate failures will slow banks' efforts to clean up their bad loans. The Nikkei 225 stock average shed 230.47, or 2.1 percent, to 10,718.42. The Topix index declined 2.2 percent to 1055.90. Stocks accelerated losses after Standard & Poor's lowered Japan's credit rating one notch to ``AA.'' S&P also said it may cut Bank of Tokyo-Mitsubishi Ltd. and 11 other major Japanese banks' credit ratings as the faltering economy will have a ``negative impact on the banks' asset quality.'' ``The possible downgrade of banks is one of the biggest concerns we face,'' said Yoshihisa Okamoto, a fund manager who helps manage $1.7 billion in assets at Fuji Investment Management Co. ``Even though banks are moving on with their bad loan write- offs, it's likely that problem loans will continue to pile up given the economy's state.'' Okamoto keeps an underweight position in banks against the Topix banking sub-index. Around the region, exporters fell after U.S. consumer confidence unexpectedly slid to a 7 1/2-year low. Japan's Canon Inc. declined, while Hyundai Motor Co. dragged Korea's Kospi index down 4.2 percent. In Hong Kong, the Hang Seng Index lost 1 percent, led by banks and developers such as Cheung Kong (Holdings) Ltd., on concern a delay in a U.S. recovery will stall domestic growth. In Singapore, DBS Group Holdings Ltd. fell, sending the Straits Times Index 1.2 percent lower. Japan's Mizuho tumbled 7.6 percent to 316,000 yen after Niigata Engineering yesterday filed for court protection from creditors with 227 billion yen ($1.8 billion) in liabilities. Dai- Ichi Kangyo Bank Ltd., one of the three banks that formed Mizuho, owned 5 percent of Niigata Engineering as of the end of March, according to Bloomberg data.