To: Gottfried who wrote (8936 ) 3/11/2003 3:07:07 AM From: StanX Long Respond to of 95621 I was looking for some good news, but, Stan. Nikkei Ends Below 8,000 21 minutes agostory.news.yahoo.com By Risa Maeda TOKYO (Reuters) - The Nikkei average sank over two percent on Tuesday to close below 8,000 for the first time in 20 years as investors saw no sign of any effective government steps to turn around a market that fears war in Iraq (news - web sites) is near. Several blue-chip exporters, including Sony Corp (news - web sites), extended recent losses and insurance firms were among the hardest hit as their earnings are seen as particularly vulnerable to geopolitical risk. The Nikkei finished down 2.24 percent or 179.83 points at 7,862.43, its low for the day and the lowest close since January 1983. The capital-weighted TOPIX index of all first-section issues was down 1.77 percent at 770.62. Stop-loss selling by Japanese banks and corporations before they close their books for the end of Japan's financial year on March 31 was seen helping deepen the Tokyo market's recent tumble, analysts said. Consumer electronics giant Sony was down 2.86 percent at 4,080 yen after marking a 17-month low of 4,070, and Millea Holdings Inc, Japan's top non-life insurance firm, was down 4.07 percent at 707,000 yen. Amid concern that a vicious circle of selling of shares could destabilize Japan's fragile banking system, a newspaper reported that the government and central bank are drawing up plans for yen-selling intervention in the currency market and huge liquidity injections into the financial system. The report in business daily Nihon Keizai Shimbun failed to encourage investors, however, after another dismal day on Wall Street and European markets caused by fears that a looming war in Iraq will put the brakes on already sluggish global growth. "Investors are holding back, waiting for a final decision by the United States on whether it will invade Iraq or not," said Tsuyoshi Nomaguchi, a strategist at Daiwa Securities. "That looks like the only way that the current tide in the market (of a downtrend in prices) is going to change." (Story continues after advertisement)