Asian markets plunge after Japan earthquake and tsunami

<p>Asian markets were down sharply today after traders attempted to digest the impact of the tsunami that hit Japan last week. The earthquake and the […]</p>

Asian markets were down sharply today after traders attempted to digest the impact of the tsunami that hit Japan last week.

The earthquake and the tsunami were the worst on record in Japan, and unsurprisingly caused a sell-off of every sector in the market bar construction firms.

The Nikkei 225 dropped 6.6% to 9,578.73, near the low of the day. Furthermore, the Bank of Japan said it would pump a record 12 Trillion Yen into the financial system. Mitsubishi UFJ plunged 5.8% to 406 Yen. Tokio Marine Holdings, the nation’s largest property and casualty insurer by market value, fell 1% to 2,111 Yen.

The falls were significantly more subdued in Hong Kong with the Hang Seng trading down 0.5% at 23,132.1. Hong Kong Airlines Ltd expects to win private-equity investments by early next quarter as it prepares for an IPO of as much as $1 billion.

Foxconn International, the world’s largest contract maker of mobile phones, slumped 1.9% amid concern consumer spending will decrease. Belle International Holdings, China’s No. 1 retailer of women’s shoes fell 1.7% .

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