What a difference 20 years makes.
The Japanese stock market on Tuesday morning completed its investment year with its usual half-day, Dec. 30 session. That won it the dubious honor of being the first major global stock market to put its 2008 performance in the books — and its double-digit loss is likely to be followed by most of the rest of the world.
The Nikkei closed up 1.3% to finish at 8859.56, booking its worst year ever with a loss of 42%. This follows an 11.1% decline for 2007. On a positive note, the index marked its first positive month since May.
More striking is the Nikkei’s comedown from its heights two decades ago. In 1989, on the last trading day of that year, Tokyo’s blue-chip index had touched an all-time high of 38915.86.
On Monday, the final full trading session of the year, the Nikkei had closed at 8747.17, down 7.65 points or 0.09%.
Insurance stocks in Tokyo on Monday surged in the wake of reports that Mitsui Sumitomo Insurance Group, Aioi Insurance and Nissay Dowa General Insurance were in talks to integrate their operations by next autumn.
In a statement posted on its Web site, Mitsui Sumitomo wrote that “no decision that needs to be disclosed has been made.” Mitsui Sumitomo rose 8.3%, Aioi soared 19% and Nissay Dowa jumped 15%.
Tags: Economy, Japan, Nikkei, Stock Market



