Nikkei falls 9.6%, ends below 8,000 for 1st time since May 2003

Friday 24th October, 04:01 PM JST

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11 Comments

ptolemy at 05:32 PM JST - 24th October

Is it raining salarymen yet?
888naff at 06:27 PM JST - 24th October

Its getting pretty expensive for exporting now. Just looking at the pound v yen. A few months back £1=250yen, today its 145... that's a fall in value of the pound to less than 60% of the high value. Even versus the nominal 200 value its low. Good time to spend/invest Japanese yen abroad then? I hear also against the USdollar its at a 13 year high.
888naff at 06:29 PM JST - 24th October

was this all because of the carry trade evaporating or are the us and uk markets relatively weaker than Japan.. or both?
TokyoVP at 06:54 PM JST - 24th October

Memo to Aso:

Turn out the lights, the party is over.
Farmboy at 07:03 PM JST - 24th October

I think I'd rather ride out the recession in Japan than in the USA, but who knows if that will even be an option. Jobs will no doubt be scarce everywhere. One commentator was talking about at least a 2 year recession with a very slow recovery...not very cheery.
some14some at 07:21 PM JST - 24th October

Finance ministry must be monitoring the situation 'carefully' and may pour public funds as early as next week, bungee jump, TSE will be back on top of mount Fuji.
Pukey2 at 12:02 AM JST - 25th October

888naff:

Good time to spend/invest Japanese yen abroad then?

How did you come to that conclusion? I send the money I earn back home, where it can gain interest, so I tend to think of my salary in terms of my local currency. And boy, has my salary shot up! I'm lovin' it.
cracaphat at 01:27 AM JST - 25th October

Still gotta pay big money for a pad in the city over here though. When our house prices really gonna fall ?
Good_Jorb at 01:52 AM JST - 25th October

How did you come to that conclusion? I send the money I earn back home, where it can gain interest, so I tend to think of my salary in terms of my local currency. And boy, has my salary shot up! I'm lovin' it.

You just answered your own question. Sending Japanese yen back home(abroad), if you are working in Japan, to gain interest is spending/investing Japanese yen abroad.
Maff at 09:44 AM JST - 25th October

Pukey2:

I hate to rain on your parade, mate, but you've messed up big time. If you'd been shrewd you'd have kept your savings in a Japanese bank (earning very little interest) and then sent it all back this week.

Suppose you'd had a million yen in savings, which you sent back to the UK (I don't know where you're from so this is just an example) early last year at 250 yen to the pound. You'd now have 4,000 quid plus a year and half's interest (250 quid?). But if you'd kept it here and sent it back yesterday, you'd now have a whopping 6,897 quid sitting in your UK bank account. In other words, your decision to send your money home immediately to enjoy the higher interest rates would have lost you close on three grand. You're lovin' that?
rajakumar at 03:56 AM JST - 26th October

Money flow goes up and down.

The world investors took out 50-40 percent of investments funds out of markets because of loss safe place. This almost 20 -30 trillion somewhere is still lookin for safe stable place/higher incomes somewhere. Nations/companies who have least economic disorder may get more investments.