Market- Japan's Nikkei 2-month low

Let's start our maket report with a look at how the Japanese stock market fared today. The Japan's Nikkei average slips 2.3 percent and hits a 2-month low after Wall Street closed with its lowest-ever inauguration day performance.

Honda Motor and other exporters fell on a stronger yen and growing worry about global financial woes.

Sony dropped 3 percent after a newspaper said it is preparing to announce on Wednesday or Thursday details of its December restructuring plan, including where job cuts will fall.

Disappointment with U.S. President Barack Obama's inauguration speech, which laid out few new details on how his administration will tackle the banking crisis and flagging economy, dragged down Wall Street and helped push stocks lower.

The benchmark Nikkei shed 181.49 points to 7,884.30 after earlier falling as low as 7,829.30, its lowest since November 21.

The broader Topix fell 2.1 percent to 788.25.

Japanese banks slid after State Street spooked Wall Street by saying it could need to raise capital and reported a 71 percent drop in fourth-quarter profit on Tuesday, a day after Royal Bank of Scotland Group posted the biggest loss in British corporate history.

Toyota Motor, which on Tuesday (January 20) said that the founder's grandson, Akio Toyoda, will head the firm, lost 2.6 percent to 3,020 yen.

Category:

News & Politics

Tags:

• ntd
• market report
• asia shares
• money
• trade
• economy
• business
• stock
• oil
• inpex