Asian markets plunge
Friday, 14 March 2008
HONG KONG, March 13 (Internet): The US dollar plunged below 100 yen Thursday for the first time in more than 12 years, dragging Asian stocks down with it.
In Tokyo, the benchmark Nikkei 225 stock index skidded 427.69 points, or 3.3 per cent, to 12,433.44. Plunging head first were shares of exporters such as Toyota (down 3 per cent), Honda (4.4 per cent) and Canon (4.3 per cent). The dollar dipped to 99.75 yen in Asian trading - first time it's sunk below 100 yen since November 1995 - before bobbing back to close above 100. A stronger yen makes Japanese-made products more expensive in the US market and shrinks dollar earnings from the US when they're brought home to Japan as yen.
In Hong Kong, the Hang Seng index tumbled 1,121.12 points, or 4.8 per cent. Shares fell 2.6 per cent in South Korea, 2.6 per cent in Taiwan, 4.5 per cent in Indonesia, 3.8 per cent in Singapore and 2.5 per cent in Malaysia.
In Tokyo, the benchmark Nikkei 225 stock index skidded 427.69 points, or 3.3 per cent, to 12,433.44. Plunging head first were shares of exporters such as Toyota (down 3 per cent), Honda (4.4 per cent) and Canon (4.3 per cent). The dollar dipped to 99.75 yen in Asian trading - first time it's sunk below 100 yen since November 1995 - before bobbing back to close above 100. A stronger yen makes Japanese-made products more expensive in the US market and shrinks dollar earnings from the US when they're brought home to Japan as yen.
In Hong Kong, the Hang Seng index tumbled 1,121.12 points, or 4.8 per cent. Shares fell 2.6 per cent in South Korea, 2.6 per cent in Taiwan, 4.5 per cent in Indonesia, 3.8 per cent in Singapore and 2.5 per cent in Malaysia.