Subprime Spooks Again, Nikkei Falls Apart in Afternoon Session, Ends 0.6% Lower

Japan market summary for Wednesday (Oct. 24)
Nikkei 225 Stock Average: -92.19 (-0.6%) to 16,358.39
Nikkei 225 futures Osaka: -110 (-0.7%) to 16,370, Singapore (SGX) -110 (-0.7%) to 16,375, Chicago (CME) *10/23 +70 (+0.4%) to 16,580
TOPIX: -6.69 (-0.4%) to 1,563.86; Advancers 657 x decliners 932 (unch. 136), New highs 14 x new lows 66
Nikkei Jasdaq: +1.60 (+0.1%) to 1,858.27
Yen: mostly flat against the US$ at 114.35-40 level late in Tokyo; weakened about 0.1% against the euro to 162.75 level
Notes: Emerging stock indices MOTHERS and HERCULES both traded to the upside, +2.2% and +1.7%, respectively. The title effectively explains what happened in Wednesday’s market. Other Asian benchmarks also faced heavy selling and reversals late in the day.