By Daily Mail Reporter Updated: Japan's Nikkei stock index nosedived yesterday to mark its worst two-day slump since , as the earthquake-shattered country faced an unfolding nuclear crisis.
The benchmark Nikkei stock average sank by London's leading share index also slumped by as much as 3 per cent today as worried investors dumped stocks after a radiation leak was detected at a crippled power plant and residents were warned to stay indoors.
The Nikkei stock index plunged by nearly 11 per cent amid fears of a nuclear crisis. The Nikkei's losses followed a 6 per cent tumble yesterday - the first trading day since a devastating earthquake and tsunami struck the north-eastern coast, washing away towns and likely killing more than 10, people. The two days' losses have sent the Nikkei spiralling 20 per cent downwards since the beginning of the year.
Other Asian markets were sharply down because large Japanese investors such as insurance companies and hedge funds pulled money from overseas and repatriated it ahead of the mammoth job of rebuilding, according to Tom Kaan, head of equity sales at Louis Capital Markets in Hong Kong.
Investors felt the biggest shock waves when Japan's Prime Minister Naoto Kan announced that radioactive material had leaked from the Fukushima Dai-ichi nuclear plant in Fukushima province and that more leaks were possible.
How far will it affect the air that we breathe and how far the contamination will go? Is it going to reach Korea or China? Mr Kaan said the Middle East crisis was still far from over and had the potential to further damage markets, oil prices, and the global economic recovery - especially if the political turmoil and violence which has hit countries like Egypt and Libya spreads to oil powerhouse Saudi Arabia.
Japan's nuclear crisis intensified Sunday after a leak of radioactive material at the Fukushima Dai-ichi nuclear plant in Fukushima province. The FTSE Index in London came under renewed pressure after Japan's Nikkei plunged and investors worldwide have dumped riskier assets in favour of safer havens such as gold after a radiation leak was detected at the Fukushima power plant.
Analysts said it was likely that large Japanese investors, such as insurance companies and hedge funds, were also pulling money from overseas and repatriating it ahead of the country's mammoth rebuilding task. The FTSE Index, which fell almost 1 per cent yesterday, was down by as much as 3 per cent at one stage as the crisis in Japan added to continuing concerns about European sovereign debts and unrest in key oil-producing nations such as Libya.
On Wall Street yesterday, concerns over the economic impact of the earthquake and tsunami in Japan led to a broad sell-off. The Dow Jones industrial average lost Nine out of the 10 sectors that make up the Standard and Poor's index lost ground.
Utilities companies fell 1. Members of Japan's Self Defense Force walk past the body of a woman at an area hit by an earthquake and tsunami in Rikuzentakata, Iwate prefecture. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Japan suffers worst day on stock market for two decades as crisis plunges economy into turmoil By Daily Mail Reporter Updated: RELATED ARTICLES Previous 1 2 3 4 Next.
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