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Stock impact report

Nikkei plunges as much as 10% as market panic deepens; REITs pounded [Reuters]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
Company Research Source: Reuters
Nikkei plunges as much as 10% as market panic deepens; REITs pounded TOKYO, March 13 (Reuters) - Japan’s Nikkei share average tumbled on Friday as investors rushed to exit stocks and real estate funds on fears the global coronavirus pandemic will scupper the Tokyo Olympics and lead to a recession both at home and abroad. The Nikkei fell as much as 10.1% at one point to hit a 3-1/2-year low before ending morning trade down 7.97% at 17,081.14. It was on course to post its biggest decline since March 2011, when the market was decimated by the triple disaster of an earthquake, tsunami and a nuclear accident. On the week, it has lost 18.5% and is likely to post its second worst week ever after a 24% fall in early October 2008. “It feels like panic. Investors are selling even assets that should not be largely affected by the coronavirus, ignoring all the fundamentals,” said Takuya Hozumi, global investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Selling mounted as investors Show less Read more
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