Japanese Stocks Hit 28-Year Low, 9 Straight Weeks of Losses, Longest Streak in 20 Years

A quick check of Sunday night futures shows a certified bloodbath in Asia-Pacific including China, Australia, India, and Japan.



Above chart courtesy of Yahoo! Finance Major World Indices.

The Nikkei Index is not at a new low, however the Economic Times reports Tokyo Broader Markets Hit 28-year Low Amid Global Rout

TOKYO: Asian shares tumbled on Monday, pushing the broader Tokyo market to a 28-year low, as investors extended a rout of global stocks and worried about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China.

Tokyo's broader Topix index lost 2.1 percent to 693.35, a level not seen since late 1983, as Asian markets plumbed new lows for 2012. Japan's Nikkei average fell 2 percent after last week marking its ninth straight week of losses, the longest such losing streak run in 20 years.

"It's not an issue of risk-on or risk-off anymore, it's nervousness all over until a clear direction emerges on a long-term trend," said Hisamitsu Hara, chief FX manager at Bank of Tokyo-Mitsubishi UFJ.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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