Japanese Stocks Fall As Oil Prices Soar ($70+ per barrel)

[VolcanoJen]

ON EDIT: I have no idea why the AP reports this event as happening on Friday morning. I imagine they'll correct it to Monday morning in updates, but the original article remains below...

ON SECOND EDIT: At 3:42 AM EDT, the AP edited the first paragraph to read: TOKYO - Japanese stocks fell Monday morning as investors sold exporter issues as oil prices soared above $70 a barrel for the first time. The dollar rose against the yen.

The original article remains below.

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http://news.yahoo.com/s/ap/20050829/ap_on_bi_ge/japan_markets

Excerpt:

TOKYO - Japanese stocks fell Friday morning as investors sold exporter issues as oil prices soared above $70 a barrel for the first time. The dollar rose against the yen.

The Nikkei 225 index lost 119.96 points, or 0.96 percent, to end morning trading at 12,319.52 points on the Tokyo Stock Exchange. The index gained 34.32 points or 0.28 percent, on Friday.

Oil prices surged as Hurricane Katrina barreled toward the heart of America's oil and refinery operations, shutting down an estimated 1 million barrels of refining capacity and sharply curbing offshore production in the region.

In Asian trading on the the New York Mercantile Exchange, crude oil futures rose as high as $70.80 a barrel, raising concerns about spiraling corporate costs.

Electronics makers including NEC Corp. and Sony Corp) as well as automakers Honda Motor Co. and Toyota Motor Corp., were among losers Monday morning.

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See also this thread from Lori Price CLG:

U.S. oil surges $4 to record above $70

[truthisfreedom]

1. oh, don't fret, Japanese people... our stocks will plummet the moment our

exchanges open, and the Yen will stabilize quickly against the newly worthless dollar.

thanks, bush! nice choice of actions you've made since getting in office! i love those profits the oil companies are racking up! that wasn't very predictable, was it, president "spreading freedom like spoiled mayo"?

[Deja Q]

6. That's the plan. Bankrupt the economy.

They've even SAID SO; listen to Grover Norquist.

And the people agreed with it. Pity they didn't realize it'd include their own situation too...

[wli]

2. I waited too long to convert to euros... my savings are worthless now. n/t

[VolcanoJen]

3. CNN just did extensive reporting on Katrina's effect on oil markets...

... grim, positively grim.

[IndianaGreen]

4. Japan should buy oil from Venezuela

Chavez has been selling oil to needed nations for $40 a barrel.

[Kagemusha]

5. Hey, if no one's noticed, that exchange was below 9000 at one point

below 10,000 is considered their big danger zone.

Being above 12,000 is quite healthy for a country considered such an economic basket case.