Wednesday, October 8, 2008

Tokyo Nikkei 225 Down 9.38% Last Night, Coordinated Global Rate Cuts

The Tokyo Nikkei 225 Index lost 9.38%, closing at 9202.32. This shows that the financial crisis is global. Here's the 5 day Nikkei chart from Yahoo Finance, and it has followed the S&P.. Also many central banks around the world decided to cut rates..
"Fed, central banks cut rates to aid world economy

The Fed reduced its key rate from 2 percent to 1.5 percent. In Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank sliced its rate by half a point to 3.75 percent. The central banks of China, Canada, Sweden, and Switzerland also cut rates. The Bank of Japan said it strongly supported the actions."

I'm thinking there has to be a an upside correction sometime soon in all markets... We'll see.