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

To: StanX Long who wrote (59921)	2/4/2002 12:25:41 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tokyo stocks slide on tech woes and reform doubts By Risa Maeda Monday February 4, 11:58 AM sg.biz.yahoo.com TOKYO (Reuters) - Tokyo shares slumped by midday on Monday, with sentiment hit by full-year profit warnings by NEC Corp and other high-tech firms battered by the info-tech slump. Dwindling hopes for progress in the government's economic reform plans also weighed on the market after Prime Minister Junichiro Koizumi's support rating slumped following his surprise sacking last week of flamboyant Foreign Minister Makiko Tanaka, analysts said. Koizumi's popularity is considered his main weapon against anti-reform elements within his own party. "The promise of structural reforms had been a key for foreigners buying Japanese shares. But that's now falling under a big question mark," said Sayaka Higaki, strategist at Kokusai Securities. Chip and computer maker NEC, the most heavily traded issue by volume and value, gave up 6.41 percent to 876 yen by midday, helping send the tech-sensitive Nikkei average down 110.16 points or 1.13 percent to 9,681.27, a morning low. It was only a hair above its post-bubble closing low of 9,504.41 marked shortly after the September 11 attacks in the United States.