Japan stocks recover some losses as investor fears ease
Tokyo, Japan (AHN) – Wednesday saw stocks rebound as trading in Tokyo markets ended for the day following two days of sell-offs caused by concern over damage caused by Friday’s earthquake.
Losses over Monday and Tuesday had totaled over 16 percent, the largest two-day loss in 23 years.
However, by the end of the trading day on Wednesday the Nikkei 225 index recovered some of those losses, rising 489 points, or 5.7 percent.
Investors were concerned over the long-term effects of damage caused by the 9.0 earthquake and the devastating tsunami that followed, as well as problems with the nuclear power plant in Fukushima Daiichi.
The quake was the fifth largest since records began. The tsunami produced a wall of water that was up to 30 feet high in some places. It swept many houses out to sea and obliterated entire towns.
Japan was not the only market to show gains.
In Seoul, South Korea, the main Kospi index rose 1.8 percent.
Germany led gains in European markets with the Dax index rising 1 percent, while in Australia shares rose a more modest 0.7 percent by the end of trading.
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