Stock prices in Japan plunged today as selling of banking and tech shares sparked across-the-board selling. Concerns about terrorism as well as the pace of the U-S economy recovery were factors.
A purported threat from an Al Qaeda-linked group to set off car bombs in Tokyo contributed to the Monday stock exchange plunge here. The benchmark Nikkei dropped 380 points, some 3.75% to below 9787. That's its lowest closing level since mid-August. The broadbased TOPIX was off 3.5%. First section losers overwhelmed gainers by nearly a 25:1 ratio with volume at 1,171 million shares.
The Nikkei index volume leader was the troubled Resona banking group, falling about 7.75%percent. Trading company Nissho Iwai-Nichimen plummeted some 17.5%.
The greenback surged in Asian trading amid the plunge for Japanese stocks. Fears that Al-Qaeda may have it sights on Tokyo for a terrorist attack also prompted buying of the dollar. North American and European funds were also said to be cashing in Japanese equities ahead of their fiscal year-ends. Late in the session, the dollar was near 109.50 yen, more than 1.1 yen above its late Friday New York quote and 1.5 yen higher than its end-of-last week Tokyo position.
2003.11.17
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