July 4, 1996 |
The fall of Sumitomo Corp.'s top copper trader, which led to the current copper trading scandal, showed that the speculative funds are now the real power in commodity markets with the weight to overwhelm any "Mr. Big." Ironically, say commodity analysts, the cash-rich funds that sold copper and smashed Sumitomo trader Yasuo Hamanaka's trading position in early June might, back in 1993, have rescued him from earlier, deep trouble. At that time they were buyers.
June 29, 1996 |
The copper trading scandal widened Friday with reports that Chinese companies and trader Yasuo Hamanaka had sought to rig world copper prices and news that Japan will open its own criminal inquiry, following the lead of the United States and Britain. That represents a reversal of Japan's stance earlier, that none of its laws could have been broken because the unauthorized copper trades that produced $1.8 billion in losses for the Japanese company Sumitomo Corp. were conducted outside Japan.
March 11, 1996 |
Pacific Rim stock markets tumbled in unison today on the heels of Wall Street's deep sell-off on Friday, and U.S. Treasury bond futures in Chicago suffered fresh selling that drove interest rates higher. The declines in most Pacific Rim markets at midday were somewhat more severe than what U.S. stocks sustained, but smaller markets are inherently more volatile, traders noted. Tokyo's stock market, however, was hit significantly less, with the blue-chip Nikkei-225 stock index down 313.
November 17, 1995 |
Two things about market bubbles: First, it's often hard for investors to admit when they're in one. Second, when guessing how big a bubble can get, it's often wise to err on the high side. With the Dow Jones industrial average already up 30% this year, 89% since 1990 and now just 31 points from the 5,000 mark, stocks' incredible resilience astounds even some of the most ardent bulls. As for the bears--well, nobody likes to be played for a fool, and anyone betting against U.S.
May 30, 1995 |
Japanese stocks fell Monday, hit by continuing fears that the yen's strength against the dollar may hold, driving down futures. But the market partially recovered later in the day. In Germany, yields fell on expectations of an interest rate cut. Most markets worldwide traded thinly due to holidays in the United States and Britain. The 225-share Nikkei average lost 120.22 points, or 0.77%, to close at 15,574.03. It had been down more than 200 points in early trading.
March 6, 1995 |
Investors' worries about the Barings bank scandal may have eased a bit for the moment here, but there remain plenty of other reasons why the key Tokyo stock index--despite a recovery in Japan's economy--has fallen to a 15-month low. Consider the fall of the dollar, which in early Asian trading today hit another post-World War II low against the yen, an ongoing blow to Japan's all-important exporters.
January 31, 1995 |
Stocks moved sharply higher in Tokyo on Monday, boosted by hopes that Japanese banks are finally starting to confront their burden of hundreds of billions of dollars of bad debt. The 225-stock Nikkei index jumped 648.53 points, or 3.6%, to close at 18,752.88 Monday. This was the Nikkei's steepest one-day gain since Jan. 31 last year, when it rose 1,471.24 points to 20,229.12 in response to passage of political reform bills by Japan's parliament.
November 25, 1994 |
Stocks tumbled on the Tokyo Stock Exchange to a 10-month low Thursday, but British shares edged higher and the dollar rose against foreign currencies on overseas markets. Oil prices edged higher and gold was mixed. Financial markets in the United States were closed in observance of Thanksgiving, sidelining many overseas players who ordinarily take cues from U.S. activity.
June 1, 1994 |
Foreign money is pouring into Japanese stocks again, convinced that the Japanese economy's four-year slide is over and that a robust corporate profit turnaround is imminent. Many foreign buyers also are betting on another, perhaps more important turnaround: a change in Japanese investors' gloomy view of their market, which has left most of them watching unimpressed on the sidelines as the gaijin (foreigners) snap up Japanese shares. The Nikkei-225 stock index has soared from 17,417.