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Japanese stocks skid on soaring yen

Japanese stocks fell today as soaring yen and increasing concerns over nuclear radiation prompted investors to offload shares,despite the central bank's pumping in another 6 trillion yen (USD 76 billion) into the quake-hit economy.

Written by Agencies | Tokyo |
March 17, 2011 7:21:41 pm

Japanese stocks fell today as soaring yen and increasing concerns over nuclear radiation prompted investors to offload shares,despite the central bank’s pumping in another 6 trillion yen (USD 76 billion) into the quake-hit economy.

Reversing yesterday’s nearly 6 per cent gain,Japan’s benchmark stock index Nikkei 225 slumped in the morning trade before paring some losses. It ended the day at 8,962.67 points,down 1.44 per cent.

Looking to calm the frayed financial markets,Bank of Japan has injected a staggering 32.5 trillion yen (USD 400 billion) into the system in just four days.

However,yen soared to record levels today,sparking concerns that the country’s exports could be drastically impacted. On top of that there were increasing worries that radiation from Fukushima nuclear plant could spread to other parts of the region.

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Yen touched about 76.25 against the dollar,reportedly one of the highest levels since World War II.

The central bank’s latest infusion came on top of 26.5 trillion yen (USD 324 billion) injected into the system in the last three days.

Nikkei gained nearly 6 per cent on Wednesday as investors bought at lower levels even as uncertainty remains over the exact cost of last Friday’s natural disaster.

The world’s third largest economy has been ravaged by a devastating earthquake and tsunami,that has taken a severe toll on people,properties and nuclear plants.

The meeting of G-7 nations would take place tomorrow to take stock of the natural calamity in Japan and might also discuss possible monetary measures required to deal with the situation. G-7 is a grouping of seven advanced economies including the US,Japan and Germany.

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