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Friday, April 11, 2003

Nikkei Continues to Drop



The Nikkei 225 fell today for the fourth consecutive day. If things go on like this it's going to be one of the shortest 'post war rallies' in history.

Tokyo stocks were lower in morning trade on Friday as blue chips continued to be sold off on investor nervousness regarding the state of the global economy in the wake of the Iraq war. The benchmark Nikkei 225 average was off 0.4 per cent to 7,945.99, while the broader Topix index was down 0.3 per cent to 790.07. The Nikkei has lost ground for four consecutive sessions this week, as investors increasingly focus on the underlying poor fundamentals affecting the Japanese market. Several Japanese companies, including NEC and Obayashi, a leading construction company, have slashed their annual profit forecasts for the year ended March 31 due to stock valuation losses. The Nikkei shed 26 per cent in the 2002 fiscal year.
Source: Financial Times
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