Japanese stocks recover some losses
Wednesday 16 March 2011
Japanese stocks rebounded today, recovering some of the massive losses sustained the last two days following a devastating earthquake and tsunami.
Other Asian indexes also bounced back even as the economic toll from the disasters, including an escalating nuclear crisis, remained unclear.
The benchmark Nikkei 225 index temporarily surged more than 6% but then softened after Japan suspended operations to prevent a stricken nuclear plant from melting down after a surge in radiation made it too dangerous for workers to remain at the facility.
By early afternoon, the index was up 4.2 % to 8,966.17.
On yesterday, the Nikkei closed at its lowest level in almost two years after shedding more than 1,600 points, or 16%, over two days.
The plunge prompted Tokyo Stock Exchange President Atsushi Saito to release a statement last night calling for calm. He noted that foreign investors were net buyers the last two days.
"I also believe that Japan's experience, knowledge and technologies in the area of recovering from earthquakes should not be underestimated and that the stock market will calm down soon," Saito said.
Meanwhile, the central bank pumped money into financial markets for a third day. The Bank of Japan injected 3.5 trillion yen (£27 billion), following injections totalling 23 trillion yen (£176 billion) over the past two days.
Among the major gainers were Japan's big exporters. Toyota rose 6.9%, and Sony shot up 9.3%.
- 1 Kermit the Frog has a new girlfriend named Denise
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 Moscow voted the world's unfriendliest city
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Bono's group has made more money from Facebook investment than from all his music
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...