der drastisch erstarkende Yen drückt auf die Aktien japanischer Exporteure. Gegenüber dem Dollar stieg der Yen von USD/JPY 120 auf rund 112. Am drastischsten war die Carry-Trade-Rückabwicklung in Hochzinswährungen wie dem Austral- und dem Neuseeland-Dollar (Charts von AUD/JPY und NZD/JPY unten). In beiden Paaren gingen Kursgewinne seit Oktober in nur drei Tagen flöten.
ASIA MARKETS Japanese stocks drop as strong yen hits exporters By V. Phani Kumar Last Update: 12:59 AM ET Aug 17, 2007
HONG KONG (MarketWatch) -- Most Asian indexes dropped Friday as investors continued to downsize their portfolios in the wake of turmoil in the global credit markets and the Japanese yen's rally against major global currencies. Shares of Japanese firms such as Sony Corp. and Canon Inc. were hit hard on fears their exports earnings will be pressured, while further selling in China-related stocks led to heavy losses in Hong Kong.
In Tokyo, the Nikkei 225 index (JP:1804610: news, chart, profile) fell 3.6% to 15,568.89, after hitting its 52-week low of 15,481.24 earlier in the session. The broader Topix index (JP:1804609: news, chart, profile) lost 3.6% at 1,510.81....
"A lot of institutional investors are offloading their positions ... People, in general, are still quite nervous and may stay on the sidelines. We expect the turnover (in Hong Kong) to drop sharply," said Peter Pak, vice president at BOCI Research in Hong Kong.
The regionwide losses coincide with a rebound in the yen's value against global currencies, after a long spell of weakness for the Japanese currency due to the so-called yen carry trades, in which investors hitherto borrowed funds in low-yielding yen to buy other high-yielding assets.
Friday, the U.S. dollar fell 1.3% to 112.25 yen in Tokyo, the Australian dollar tumbled 2.7% to 87.68 yen and the euro dropped 1.4% to 150.52 yen.
Shares of Japanese exporters were hurt by the yen's rise, with those of Sony dropping 5.9%, Canon's losing 6.5% and Toyota Motor Co.'s dropping 6.3%.
Pak, however, said that he didn't expect the yen to rise much further. "I think the reasonable level for the yen is around 115 to a U.S. dollar, given the current economic situation in Japan. I don't expect the yen to stay below the 113 level for too long," he said.
CHARTS von AUD/JPY und NZD/JYP: Gewinne seit Oktober in drei Tagen futsch. |
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