Monday saw the Dollar weaken against the Yen as the triple digit falls in the US took their toll. There are now worries that the continuing strength of the Yen will seriously affect exporters. After being hit on Friday, the Nikkei in Tokyo again took a beating with investors nervous and concerned over economic data due during the week. The Kospi in Seoul, Weighted Index in Taiwan, All Ordinaries in Australia, NZ Top 40 in New Zealand and the Hang Seng in Hong Kong also suffered falls into the red today. The Straits Times in Singapore managed to close at its starting level.
Tuesday saw the Nikkei in Tokyo fall further with investors concerned as to what comments the US Federal Reserve would make about the economy. Markets in South Korea and Taiwan also notched up losses, on the back of strengthening home currencies against the Dollar. News was released that the Japanese Finance Minister was prepared to intervene to bring the Yen down below the Dollar as exporting is Japan's main business. The Hang Seng in Hong Kong fell as news that unemployment was at a record high. Markets in Australia and New Zealand also fell, as did the Singapore Straits Times Index.
Wednesday saw black in Japan with the Nikkei ending higher, with all going to an increase in the technology and telecommunication sectors. Markets in Seoul were closed for the holidays. The Dollar was still weak against the Yen investors appeared to have confidence that the Bank of Japan would intervene. The Weighted Index in Japan closed lower, as did the Singapore Straits Times, the Hang Seng in Hong Kong and markets in Australia and New Zealand.
Thursday saw welcome news of the Dollar strengthening against the Yen with Japanese exporters back in business. As expected on the back of this news, the Nikkei in Tokyo rose again. In Taiwan, the Weighted Index closed slightly lower. After a day on holiday the Kospi in Seoul managed a gain, as did the Hang Seng in Hong Kong and Australian and New Zealand markets.
Friday saw a reversal of fortune in Japan with poor earnings news pushing down technology stocks. At one point, the Nikkei was giving the US Dow Jones a run for its money, notching up 300 points in the red. Elsewhere, markets in South Korea, Singapore, Taiwan, Hong Kong, Australia and New Zealand all landed in the red. Basically, red across the board.