Japanese editorial excerpts.
TOKYO, Nov. 13 Kyodo
Selected editorial excerpts from the Japanese press:
RISING YEN CONTRIBUTES TO FALLING STOCKS (The Daily Yomiuri as translated from the Yomiuri Shimbun)
Stock prices continue to fall and the yen continues to appreciate at an accelerated pace. The phenomenon began in the U.S. market, but stocks are falling more sharply on the Tokyo market due to concerns over the negative impact of the stronger yen on exporters.
The government and the Bank of Japan must take even greater care to ensure the path to recovery for the nation's economy is not damaged.
The 225-issue Nikkei Stock Average Nikkei stock average
Applies mainly to international equities. Price-weighted average of 225 stocks of the first section of the Tokyo Stock Exchange started on May 16, 1949. Japanese equivalent of the US Dow. briefly fell below the 15,000-point threshold for the first time in about 16 months. The yen-dollar exchange rate briefly jumped to the 109 yen level for the first time in 1-1/2 years. Over the past 10 days or so, the Nikkei index fell by nearly 1,700 points, mainly because of ongoing volatility in U.S. stock prices.
The nation's economy is said to be expanding at a moderate pace. The growth rate of real gross domestic product for the July-September period, scheduled to be announced To be announced (TBA)
A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. Tuesday, is seen returning to the positive territory although the figure stood in the minus column in the previous quarter. But the economy is sustained by the corporate sector, mainly exporting manufacturers.
U.S. Federal Reserve Board Chairman Ben Bernanke predicts the U.S. economy will significantly slow down in the October-December period and remain stagnant stagnant /stag·nant/ (stag´nant)
1. motionless; not flowing or moving.
2. inactive; not developing or progressing. until spring.
It is feared this foggy fog·gy
adj. fog·gi·er, fog·gi·est
a. Full of or surrounded by fog.
b. Resembling or suggestive of fog.
2. outlook for the U.S. economy could continue for a long period. Market players apparently are concerned that the impact on the corporate sector may be even more serious with the stronger yen.
But some analysts argue that the Japanese economy is less dependent on the U.S. economy than in the past, because of the still blooming A condition with older CCD devices that causes distortion at the pixel level. It occurs when the electrical charge created exceeds the storage capacity of the device and spills over into adjacent pixels. Newer CCDs incorporate anti-blooming circuitry to drain the excess charge. See CCD. economies of emerging nations such as China. In the September interim settlement of accounts for this fiscal year, a number of listed companies registered increases in profits. If this trend spreads into the household sector through improvement in employment and wage levels, the economy could continue to grow.
The divided Diet, with the opposition camp holding a majority in the House of Councillors, and the fuss over Democratic Party of Japan President Ichiro Ozawa's offer to resign also have caused concern over the nation's readiness to take prompt action in an emergency, a factor exerting downward pressure on stock prices.
The fiscal situation continues to be severe, and interest rates are at extremely low levels. Given such circumstances, the government and the central bank must face up the task of easing the anxious psychology of the market.