While You Were Sleeping...The Nikkei Tanked!! (NIKK)

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The Nikkei 225 Stock Average declined 3.6 percent to 8,824 at the close in Tokyo. This capped a dismal August for the Nikkei, which saw it decline 7.5 percent! The Yen strengthened on concerns the U.S. recovery will stall. Investors had recently begun to buy Japanese shares on expectations the Yen would stop rising, but the Yen continues to strengthen. This was the Nikkei's biggest slump since June 7 and came amid concerns stimulus measures announced yesterday by the Bank of Japan and Prime Minister Naoto Kan will fail to halt appreciation in the Yen and bolster growth. A report showed factory output rose 0.3 percent in July from June. Analysts were looking for a 0.2 percent decline.
Posted In: GlobalIntraday UpdateBank of JapanNaoto KanNikkei 225
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