Subprime Spooks Japan, Nikkei -1.7% Below 17,000 Again, TOPIX Below 1,600

Japan market summary for Friday (Oct. 19)
Nikkei 225 Stock Average: -291.72 (-1.7%) to 16,814.37; lowest close in a month
Nikkei 225 futures Osaka: -300 (-1.75%) to 16,820, Singapore (SGX) -310 (-1.8%) to 16,790, Chicago (CME) *10/18 -40 (-0.2%) to 16,995
TOPIX: -26.47 (-1.6%) to 1,591.28; Advancers 243 x decliners 1,431 (unch. 51), New highs 12 x new lows 79; only 2/33 sectors posted gains (Other Financial [non-bank] and Mining)
Jasdaq: -8.14 (-0.4%) to 1,876.32
Yen: strengthened 0.7% to about the 115.20 level against the US$; strengthened 0.5% to 164.50 level against the euro


Notes: Despite the broader market weakness among larger caps, the emerging indices MOTHERS and HERCULES rose 2.1% and 2.0%, respectively. Meanwhile, persistent concerns over U.S. subprime woes and the broader impact on the U.S. economy and by extension Japan and the global economy, sent the yen higher (carry trade unwinding) and naturally stocks declined. Another day of heavy selling in India is said to have also put a damper on sentiment, but then again, this is nothing really new for Indian stocks, especially after their recent surge.