Nikkei 225 Drops 2.2% to 16,870, Futures Tumble 470 Points (-2.7%), Mega Banks Fall to New Lows on Disappointing Earnings

* Nikkei 225 Stock Average: – 377.91 (-2.2%) to 16,870.98; lowest close since March 16th (’07)
* Nikkei 225 futures Osaka: -470 (-2.7%) to 16,810, Singapore (SGX) 16,780, Chicago (CME) 7/31 — 17,140
* TOPIX: -37.33 (-2.2%) to 1,668.85; Advancers 191 x decliners 1,496 (unchanged 40), New highs 25 x new lows 168, all 33 sectors posted losses
* Jasdaq: -1.11 (-1.4%) to 76.01
* Market theme: ????? –> Flight to quality; apparently Japanese stocks don’t represent quality [or more precisely, overseas investors are cutting/liquidating positions as they re-balance their portfolios]
* Mega banks’ earnings drop: Mizuho FG net -50%, Mitsubishi UFJ FG -32%

nikkei 225 japan