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Japan markets plummet to 26-year low

Press TV [1]
Monday, Oct 27, 2008

Japan’s Nikkei average slumps 6.36 percent to its lowest level in 26 years as nervous investors await the US financial crisis fallout.

The Nikkei 225 Stock Average lost 486.18 points on Monday, dropping to 7162.90, closing at its lowest level since October 1982.

“It is a crisis. It is a psychological shock to think we are back to where we were almost thirty years ago,” The Wall Street Journal quoted Hisahi Takeda, a real-estate worker in central Tokyo, as saying on Monday.

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The Japanese index has lost more than 20 percent of its stock value since last Monday and nearly 40 percent over the last thirty days.

Analysts believe measures taken by the Japanese government of Prime Minister Taro Aso to ease the strains on banks and strengthen rules on short-selling have failed to revive trust in the market.