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    » 10/27/2008, 00.00

    ASIA

    Asian markets drop further, G7 warning over yen



    A strong yen creates concerns. Tokyo loses 6 per cent, the lowest point in 26 years. Seoul is down as well despite government steps. Manila is the worst performer with 12 per cent loss.
    Hong Kong (AsiaNews/Agencies) – At today’s opening Asian shares began their downward trend again as operators fear an even deeper recession. 

    Tokyo’s Nikkei index lost 6 per cent by midday, hitting a 26-year low.

    G7 countries warned that the surging yen posed a threat to Japanese exports as the world's second-largest economy tumbles toward recession.

    Japanese Prime Minister Taro Aso asked ministers to consider emergency measures to stabilise the stock market, including government purchases of shares and relaxing rules on recapitalisation of banks.

    Other indexes are not doing much better, Seoul was down by 4 per cent by midday even as the country's central bank slashed its key interest rate by 0.75 per cent for the second time this month in a bid to boost the economy and reverse the market's recent slide.

    Hong Kong slipped by 4.2 per cent; Shanghai, by 3.61 per cent; Taipei, by 4.65 per cent; Manila, by 12.3 per cent; Jakarta, by 6 per cent; Bangkok by 6.96 per cent. Singapore and Kuala Lumpur were closed instead for a public holiday.

    Crude oil prices were steady at around US$ 64.14 a barrel after OPEC moved to cut production in an attempt to halt rapid declines.

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    See also

    25/11/2008 ASIA
    Tokyo up by 5.22 per cent as shares in Asia surge in response to Obama’s promises
    All stock exchanges rise. Shanghai shows smallest gain with only 0.1 per cent. Oil prices up on news of possible production cuts.

    20/10/2008 ASIA
    Asian stocks up, China’s growth down
    Most markets gain. Shanghai, Taipei and Manila dip. China’s economic growth slows to its lowest point in five years because of the Olympics but especially falling exports. World finance is in for major retooling. Oil prices drop as OPEC is set to cut output.

    23/10/2008 ASIA
    Markets down again, Tokyo loses another 5 per cent
    Fears of a global recession are up. Projections are negative for Great Britain. Recession is almost “in sync” in the European Union and the United States. Oil prices drop.

    15/10/2008 ASIA
    Asian markets lower on recession fears
    Only Tokyo closes higher, all the other markets are negative. Although the financial crisis seems to have passed, economic problems remain.

    22/10/2008 ASIA
    Asian markets fall again with Tokyo losing 5 per cent and Seoul 8 per cent
    The crisis is no longer only financial as fears of recession rise. Only 3 per cent of US companies show positive quarterly results. Lower US demand is putting pressure on Japanese and Chinese exports.



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