TOPIX Goes Through a Massive Slide after Earthquake
According to financial experts, Tsunami has brought the biggest slide to the Japanese stocks after the financial crisis of 2008 and they are dreading about the further drop as the picture of country’s nuclear compound is still uncertain.
The TOPIX observed a fall of 7.5% after the investors bailed out of big blue-chip companies seen taking a hit from the need for rolling electricity blackouts.
Masayuki Kubota, Senior Fund Manager at Daiwa SB Investments in Tokyo, stated, “With investors on edge any stronger tremors can trigger panic selling, particularly if something bigger was to happen in Tokyo. I can talk forever about what happened in the past or speculate, but for now we just need to wait”.
On the contrary, some of the market players are hopeful about the potential yen gains incase investors like insurers sell foreign assets bringing cash home to cover the quake's mounting costs.
Japanese automakers, electronics firms and oil refiners are observing a major drop in their stock prices after closing their major manufacturing units.
Hiroshi Arano, advisor at Mizuho Asset Management in Tokyo said that investors were selling to avoid any kind of risks and the market would sell until they had completed their selling needs.
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