Nikkei Falls Below 17,000, TOPIX Barely Holds 1,600

Japan market summary for Wednesday (Oct. 17)
Nikkei 225 Stock Average: -182.61 (-1.1%) to 16,955.31; first close below 17,000 since the beginning of the month
Nikkei 225 futures Osaka: -150 (-0.9%) to 16,980, Singapore (SGX) -140 (-0.8%) to 16,985, Chicago (CME) *10/16 -360 (-2.1%) to 16,960
TOPIX: -24.96 (-1.5%) to 1,600.92; Advancers 280 x decliners 1,376 (unch. 68), New highs 9 x new lows 94
Jasdaq: -14.68 (-0.8%) to 1,873.46
Yen: strengthened 0.2% to 116.65 level against US$ late in Tokyo; strengthened by similar amount against the euro to 165.40 level


Notes: Both MOTHERS and HERCULES extended recent losses, -1.05% and -1.7%, respectively (remember these long out-of-favor indices surged double-digits over a short-period recently and haven’t suffered all that much (yet) in terms of a pullback). U.S. subprime related concerns have Japanese investors spooked (again) for the moment. Nomura and Sanyo are the latest victims. You never know what’s going to come out day to day. To expect the worst may be the best approach.