Nikkei falls to four-year low

October 6th, 2008 - 11:01 am ICT by 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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