Japanese Stocks Plunge, Central Bank Steps In
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Japan's stock market fell sharply Monday, the first business day since Friday's devastating earthquake and tsunamis.
The Nikkei 225 fell 4.5 percent, or 465 points. The selling is a continuation from Friday, with the earthquake hitting shortly before markets closed.
In an effort to support markets and provide liquidity, the Bank of Japan injected a record 15 trillion yen ($183 billion) into money markets. The central bank said it will "do its utmost to continue to ensure stability in the financial markets and securing settlement of funds, including providing liquidity."
Some of the worse performing stocks were Tokyo Electric Power, which is dealing with a nuclear crisis at two reactors that are in danger of a meltdown. Toyota Motors (NYSE: TM), which has halted production, fell 7 percent.
The earthquake is the latest blow to the Japanese economy, which has been stagnate for decades and is strapped with massive public debt.
The Nikkei 225 fell 4.5 percent, or 465 points. The selling is a continuation from Friday, with the earthquake hitting shortly before markets closed.
In an effort to support markets and provide liquidity, the Bank of Japan injected a record 15 trillion yen ($183 billion) into money markets. The central bank said it will "do its utmost to continue to ensure stability in the financial markets and securing settlement of funds, including providing liquidity."
Some of the worse performing stocks were Tokyo Electric Power, which is dealing with a nuclear crisis at two reactors that are in danger of a meltdown. Toyota Motors (NYSE: TM), which has halted production, fell 7 percent.
The earthquake is the latest blow to the Japanese economy, which has been stagnate for decades and is strapped with massive public debt.
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