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To: Lizzie Tudor who wrote (42845)	12/19/1997 4:10:00 AM
From: Jules V	Respond to of 186894

biz.yahoo.com Tokyo stocks plunged by midday on Friday, with the stock market's main barometer falling by nearly six percent in the aftermath of foodstuffs trader Toshoku Ltd's business failure. The Nikkei average finished the morning down 923.58 points, or 5.71 percent, at 15,238.06 -- perilously close to the psychologically important 15,000 mark that it last breached on November 14, just before Yamaichi Securities Co Ltd went bust. A triple-digit loss for U.S. stocks overnight contributed to the grim market mood, traders said. Investors worry that the collapse of Toshoku -- the fourth-largest bankruptcy in post-war Japan -- is an indication that Japanese banks have tightened lending policies so severely that the economy is on the verge of a credit crunch. Toshoku, a major player in the international grain markets, said on Thursday it was forced to file for bankruptcy protection because it was unable to continue under the weight of its bad loans as banks turned the screws on lending. ''Investors are concerned that bank reluctance to extend loans -- as demonstrated by the Toshoku failure -- could trigger deflation in the Japanese economy,'' a market analyst at a major brokerage said. The dollar was trading at just above 129 yen in early afternoon Tokyo, after closing in New York at 128.66 yen.