To: Bobby Yellin who wrote (15981 ) 8/16/1998 9:46:00 PM From: goldsnow Respond to of 116764
Japanese Stocks Fall, Led by Exporters on Wall Street Woes Japanese Stocks Fall, Led by Exporters on Wall Street Woes Tokyo, Aug. 17 (Bloomberg) -- Japan's benchmark stock index fell below 15,000 for the first time since June 26, led by exporters such as Sony Corp., amid deepening gloom over signs Asia's economic slump is dragging down the rest of the world. ''Asia looks to be throwing a wrench in the U.S. growth machine,'' said Kunihiro Hatae, a manager at Tokyo Securities Co.'s equity department. ''Until we get some kind of reassurance from Wall Street, the blue chip exporters are going to remain vulnerable.'' The benchmark Nikkei 225 stock index fell 186.02 points, or 1.23 percent, to 14,937.91. That's its 10th decline in 11 sessions. The broader Topix index of all issues on the first section of the Tokyo Stock Exchange dropped 7.71 points, or 0.66 percent, to 1161.09. Sony fell 100 yen to 11,400, Fuji Photo Film Co. sank 50 yen to 4,920, and Honda Motor Co. dropped 30 yen to 4,810 after U.S. stocks ended trading last week at their lowest since Feb. 24, sharpening concerns the world's largest economy isn't immune to Asia's ills. The Dow Jones Industrial Average fell 0.4 percent Friday, finishing the week down 2 percent, while the technology-heavy Nasdaq Composite Index dropped 0.7 percent. Banks fell after Fitch IBCA said Friday it cut the debt ratings of six Japanese banks including Mitsubishi Trust & Banking Corp. and Sumitomo Trust & Banking Co. The ratings agency cited the impact of the weakening economy on the lenders' financial condition. Mitsubishi Trust slipped 7 yen to 801. Sumitomo Trust slipped 14 yen to 430. Bank of Tokyo-Mitsubishi Ltd. dropped 11 yen to 1,145. Nikkei 225 futures contracts for September delivery fell 130 yen in Osaka to 14,920.