The Nikkei Just Hit A 26 Year Low

[writes3000]

I expect today's domestic economic reaction won't be great.

"Nikkei falls 6 percent to 26-year low, on yen, bank fears

By Elaine Lies

TOKYO (Reuters) - Japan's Nikkei average slid 6.4 percent on Monday to its lowest in 26 years, as the yen rose on the dollar to batter exporters such as Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz) and banks were hit by concerns they would need to beef up their capital bases.

Gains in the yen came despite a G7 warning about excessive volatility in the currency.

That fed stock pessimism which in turn supported the yen. Pledges from the Japanese government for more steps to ease the strains on banks and strengthen rules on short-selling did little to ease the panic in the markets.

"We need something that surprises the market in a good way, perhaps something like the government intervening to sell yen," said Masayoshi Okamoto, head of dealing at Jujiya Securities.

"If we don't have something like this, today's low -- the 26-year low -- won't be significant at all."

http://www.reuters.com/article/hotStocksNews/idUSTRE49Q0NF20081027

[FrenchieCat]

1. The shit is about to hit the fan.......

I heard this was going to hurt us as well. Also, isn't the consumer confidence number coming out tomorrow?

[Drunken Irishman]

3. Go to bed!

:P

[Skink]

6. I'm about to go to bed..

How many pints are....frowed upon shall we say? Eh?

[tblue]

8. Me, too. I'm about to go to bed.

I've been saying that for the last 2 hours.

[Drunken Irishman]

2. The market is tanking because they want Obama to get elected.

You know, they spin it the other way, but this is my spin. :D

[tblue]

9. I was thinking that, too.

There is no upside for McC in this.

[No Elephants]

4. The whole world is now seeing the "benefits" of de-regulation and Pub economics. Naked Emperor.

[regnaD kciN]

5. It's certainly going to hurt "Main Street"...

...because, while we're undergoing a recession, everything from Japan, from cars to cameras, is going to cost Americans more -- and just in time for the holiday shopping season.

Bet the Chinese are lovin' it, though...

[soothsayer]

11. nah, they might have to dump goods real cheap. Dunno. It's all a mess.

SOMEONE is making a killing, but it ain't us regular janes.

[progressivebydesign]

7. Well.. that type of activity hasn't always translated badly for the US market.. we'll see...

Housing has been rebounding slightly in the US, and unemployment actually went down in my state last week.. so maybe things won't be too horrid this week.

I do predict a large bounce to the economy when Obama is elected.. as consumer confidence (which drives the economy) has been the basement since Bush first stole office in 2000, and has not come up for air since. The consumer confidence index is a great little engine for the economy --- I'm trying to stay positive here...

[truthisfreedom]

10. Not good.

[TexasObserver]

12. Yes, we're headed below 8000K.

I never believed we had reached the bottom of this collapse, and we may not reach it for months.