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Nikkei falls to four-year low

Asia, Mon, 06 Oct 2008 IANS

Tokyo, Oct 6 (DPA) Japan's key Nikkei 225 Stock Average fell to a four-year low Monday on worries about the financial crisis, despite US Congressional approval of a Wall Street bailout.

 

The benchmark Nikkei index ended the morning trading at 10,544.33, down 393.81 points, or 3.60 percent.

 

 

The broader Topix index of all first-section issues also fell 42.

 

44 points, or 4.05 percent, to 1,005.53.

 

 

It is the first trading day in Tokyo since the US Lower House approved Friday, after tough negotiations, the $700-billion rescue package for the financial sector.

 

 

Meanwhile, the Japanese central bank pumped funds into the short-term money markets for the 14th consecutive trading day. On Monday, 1 trillion yen ($9.5 billion) was injected to ease strains on the financial system.

 

 

On currency markets at 9 a.m., the dollar was quoted at 104.52-57 yen, down from Friday's 5 p.m. quote of 105.01-03 yen.

 

 

The euro was quoted at $1.3650-55, down from Thursday's 5 p.m. quote of $1,3836-38, and at 142.68-73 yen, down from 145.30-34 yen.

 


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