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Japan central bank injects $184B as stocks dive

Japan central bank injects $184B as stocks dive

Submitted By: 14 March 2011 No Comment

nikkei

nikkei

Japan’s central bank is injecting a record 15 trillion yen ($183.8 billion) into money markets, while the Tokyo stock market nosedived Monday on the first business day since an earthquake and tsunami devastated the country’s northeast and raised dire worries about the economy.

The benchmark Nikkei 225 stock average plunged about 641 points, or 6.3 percent, to 9,612.88, extending losses from Friday. The earthquake hit shortly before markets closed for the weekend.

Worries about the economic impact of the disaster triggered a plunge that hit all sectors. The broader Topix index was down more than percent. Shares of several major companies were overwhelmed with sell orders and had yet to trade.

Among those, the Tokyo Electric Power Co. was set to fall by double digits as it faced power shortages and second hydrogen explosion at a nuclear reactor Monday, sending a massive column of smoke into the air and wounding six workers. Toyota Motor Corp., the world’s biggest automaker, tumbled 7.4 percent.

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