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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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080392
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08039914.000
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1993-04-08
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THE WEEK, Page 25BUSINESSThey're All Connected
As Japan's stocks plunge, other financial markets are threatened
The world's financial markets are so intertwined that when
one itches, the others scratch. As mounting concerns over Japan's
reeling economy sent Tokyo's stock exchanges into a dizzying
vortex last week, markets from Amsterdam to Zurich did some
rocking and rolling of their own. Tokyo's Nikkei average sank to
15,498 points, its lowest level in more than six years, while
the London stock exchange fell 2.3% and Frankfurt shares
dropped 5.4%. New York's Big Board sank 46 points, or 1.4%, in
a week of generally bearish trading.
The Tokyo markets, which have plummeted 30% since January,
staged a brief comeback Thursday. They were encouraged by the
launching of the new Securities and Exchange Surveillance
Commission, Japan's first regulatory agency for stock exchanges,
and the news that Japanese Premier Kiichi Miyazawa would convene
a special Cabinet session. The Nikkei resumed its steep downward
slide Friday, however, after Finance Minister Tsutomu Hata said
it would be difficult to bolster the market. Business leaders
have urged the government to take steps to prop up the market.
Miyazawa, however, is banking on a supplementary budget to
stimulate the economy, but few economists believe the government
alone can revive the market.