CNBC dubbed “Bloody Sunday” coincided with Keiro no hi (Respect for the Aged Day) in Japan and thus the Tokyo Exchange was closed. Stocks fell broadly across Asia for those exchanges that were open, including a loss of 4.1% in Taiwan and losses of 3.3% in Singapore and India. Mid-day stocks are falling even harder in Europe: down more than 5% in Paris and over 4% for most regional indices. Wall Street is said to be bracing for the market open.
Tokyo will likely sell-off equally as hard given the prevailing fear, uncertainty and the sizable influence overseas investors have on Tokyo trading. Bank stocks will obviously be under the most pressure, particularly Aozora (JP: 8304) and Mizuho FG (JP: 8411) [[MFG]], both of which were listed among those with the largest unsecured loans to the now Chapt. 11 Lehman [[LEH]].
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