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Japan 19yr low Original Source Link: (May no longer be active)    http://drudgereport.com/flash1.htm http://drudgereport.com/flash1.htm Nikkei plunges after Bush speech, nears 19-yr low TOKYO, Jan. 29 (Kyodo) Tokyo stocks plunged Wednesday, bringing the Nikkei average down 2.28% to near a 19-year low, after U.S. President George W. Bush pledged Tuesday to use ''full force'' if necessary to disarm Iraq, casting a shadow over the near future of the U.S. and Japanese economies. The 225-issue Nikkei Stock Average slid 194.31 points to end at 8,331.08 after falling to the day's low of 8,304.05, near the post-bubble economy closing low of 8,303.39 registered Nov. 14. The broader Tokyo Stock Price Index (TOPIX) of all First Section issues on the Tokyo Stock Exchange (TSE) lost 15.40 points, or 1.83%, to 825.72. Despite an overnight rise on Wall Street, stocks fell almost all across the board and expanded losses throughout the day as investors dumped shares amid increasing tensions between the United States and Iraq following Bush's State of the Union speech. ''Mr. Bush's speech renewed investor nervousness, even though the speech was not far beyond their expectations,'' said Masatoshi Sato, senior strategist at Mizuho Investors Securities Co. Stocks were also hit by falls in technology shares, with investors refraining from buying on a weak earnings report by Fujitsu Ltd. the previous day, while waiting for the release of third-quarter earnings reports from Sony Corp., brokers said. Fujitsu plunged 31 yen to 326 yen after announcing it posted a group net loss of 24.9 billion yen for the October-December quarter and cut its sales outlook for the full year through March 31 to 4.7 trillion yen from 4.8 trillion yen announced in October. It was the volume leader for the day. Sony, which announced its quarterly earnings report after the trading session, slipped 90 yen to 4,760 yen. It was the most heavily traded issue by value. Brokers said tech shares were also hit by the release of the industrial production index for December, which marked a fourth straight monthly decline. Japan's four major banking groups lost stream for the third consecutive session amid concerns that businesses and banks are under pressure to unwind their cross-held shares ahead of March book-closings, brokers said. Among declining issues, marine transportation, nonferrous metal and banking sectors marked the largest losses. Volume on the TSE's main section came to 803.40 million shares, up from Tuesday's 763.14 million. Declining issues overwhelmed advancers 1,303 to 114, with 77 issues closing unchanged. Among major winners, JFE Holdings surged 89 yen to 1,589 yen after it released Tuesday a three-year business program that includes establishing a joint venture to produce automotive steel sheets in China while accelerating the consolidation of its steel production facilities in a bid to cut costs. The TSE's Second Section index slipped 8.90 points, or 0.58%, to 1,519.23 on a volume of 35.23 million shares. In Osaka, the near-term March Nikkei 225 index futures contract was down 190 points to 8,330. U.S. stocks rose Tuesday for the first time in three sessions, led by bargain-hunting and better-than-expected earnings reports by major firms such as Procter & Gamble Co. and Xerox Corp. The blue-chip Dow Jones Industrial Average gained 99.28 points, or 1.24%, to close at 8,088.84. The tech-heavy Nasdaq composite index advanced 16.91 points, or 1.28%, to 1,342.18.

Asia bankers gear up china stock deals { August 28 2003 } Asian stocks slide india halted { April 2004 } Bank of japan predicts continued deflation China gdp 20 percent bigger than expected { December 13 2005 } China losing protections for poor { January 15 2006 } China raises interest rates for first time in 9 years China replaces us { June 28 2002 } China says 2005 surplus near 102 billion China toy sweat shops China widens role in latin america { November 20 2004 } Downgrade for japanese economy Economic damage seen in asia after terror Foreign direct investment in china hits records India buys 1b in asian bonds Japan 18yr low { September 2 2002 } Japan 19yr low Japan europe concerned for dollar slide Japan markets two days plunge { January 19 2006 } Japan pursuing weak yen policy { August 27 2003 } Japan vm prefers bonds local currency { August 15 2003 } Japanese stocks plunge april 2005 { April 18 2005 } Japanese yen gains against dollar Rural healthcare dies as china wealth grows { January 14 2006 } Tokyo nikkei 20 yr low { April 11 2003 } Tokyo stocks fall 5 percent Files Listed: 25

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