Tokyo, investors fleeing from the stock exchange. The Nikkei lost another 2.3% – Il Sole 24 Ore

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This article was published on February 10, 2016 at 7:12.

TOKYO – Another day of passion for the Japanese stock exchange and, after the fall of 5.4% yesterday, closed with a new fall of 2.3% in the Nikkei (having also lost 4% during). The index of leading stocks and ‘fell to its lowest since autumn 2014, the period when the central bank’ doubled ‘ “its monetary policy ultraespansiva introduced the year before. The return of fears of a global financial crisis, also linked to a perceived risk of global recession, are creating a real dall’azionario escape. The previous weakness of European markets have paid the oscillations of Wall Street, now waiting – like everyone – the statements of the Federal Reserve’s upcoming summit in Congress: it is hoped to derive from the words of Janet Yellen lights on the guidelines of the US central bank on the front rate.
The downtrend in Tokyo and ‘led once again by banking stocks: subindex Topix industry has seen sweeping away the equivalent of about 95 billion dollars in market capitalization since last January 28. Weighs on exporters tend to the strengthening of the yen, climbed into the low-end id a change between 114 and 115 on the dollar (in late January was over quota 121). The general risk aversion by international investors rewards the Japanese currency, but depresses the prospects of profitability ‘of corporate Japan. The drop in oil prices also continued to crush the prices of the shares in the energy sector and commodities. To make matters worse there is’ forced withdrawal of retail investors, called the “margin calls” to return from their bets.
According to some observers, the equity rally promoted dall’Abenomics now risks can be considered concluded: more than half ‘of society’ included in the first section of the Tokyo Stock Exchange is now below the book value. Now general, then, and ‘the feeling that the last move of the Bank of Japan announced on January 29 – the introduction of negative interest rates for the first time in the system – has been counterproductive: if he wanted to weaken the yen, nothing has been against the new international climate that values ​​the Japanese currency as a safe haven in times of turmoil, while induced a real collapse of bank shares. Prime Minister Shinzo Abe and ‘spoke today to emphasize that the fundamentals of the Japanese economy remain sound and that the stock market suffers especially for international factors. But Monday ‘the data on GDP for the fourth quarter could be negative.
Among individual stocks, it is resistant to Fanuc (robotics and components), which announced a buy-back of own shares. Well even SUMCO after the announcement of better than expected earnings in 2015. He sinks instead the title of Namco Bandai in the wake of a downward revision of estimates on operating profits. Also hurt the communications industry, from KDDI after its main shareholder, Kyocera has decided to sell the company ‘part of its participation. Meanwhile, the board of Asahi Group has submitted an official offer from more than 400 billion yen (3.5 billion dollars) for Glolsch and Peroni beers, offered for sale by SABMiller. But there are also rival proposals.
The Chinese markets are closed all week for the holidays’ of the lunar new year, while Hong Kong and Seoul reopen tomorrow.

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