Japan pumps another $76 billion into economy; Asian markets remain jittery
City Index March 17, 2011 1:52 PM
<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.
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