Japan pumps another $76 billion into economy; Asian markets remain jittery

<p>Fear and anxiety continued to dampen investor sentiment and pushed most of the Asian markets in the red today. The Japanese Nikkei (Index) opened 3 […]</p>

Fear and anxiety continued to dampen investor sentiment and pushed most of the Asian markets in the red today.

The Japanese Nikkei (Index) opened 3 per cent down though it managed to pare some losses during the day. It was reported that the Bank of Japan has injected another $76 billion into the economy to soothe money markets. 

Japanese stocks across the board are still in the red as military helicopters dropped seawater to cool down the nuclear power plants affected by the earthquake last week. 

In Hong Kong, tourists are postponing trips to Japan amid fears of radiation leaks from crippled nuclear plants as the nation struggled to prevent a meltdown following aftershocks from the March 11 earthquake. Air China Ltd, the world’s largest airline by market value gained 0.4%. China Datang Corp Renewable Power Co, the developer of clean energy products said full-year net income increased 84%. The stock climbed 6.1%.

In Australia, the sharemarket recovered later in the afternoon to close a bit flat after big losses at the open. Though uncertainty and risk aversion are very high amongst investors, some are trying to pick some bargains particularly with some of the large cap stocks that they consider of good value.

The Australian dollar was also trading lower as traders gravitate to safe haven currencies.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.