The Asian stock market has taken sagami a slight tumble after the mid-week resignation this week of Yukio Hatoyama, Japan’s Prime Minister. That fall has caused great concern both in Japan and across the world economic arena. What started in early trading yesterday suffered a reversal after news of the resignation had a chance to sink in across the market. Japan’s Nikkei fell after the news trickled through the country’s press services. Not all shares closed down; some continued to show slight growth despite the perceived upheaval in the government.
The downturn in the Nikkei was small, amounting to 1.9 per cent; the corresponding result for the U.S. Dow Jones average was slightly up in screen trade at 3 percentage points. The result globally was referred to as “choppy trading” because of the up-down pattern the market results were showing. There seemed to be no definite pattern predicting the short-term future movements of the various world markets as they closed Thursday.
On a positive note, the well-respected news source WSJ. Com, reported that Tony Sagami, editor of Asia Stock Alert, commenting about this political event and stating that the result of the recent resignation “will be political gridlock” and that “will be a positive for the stock market because it ensures no destructive surprises.”
In another indication of the upheaval in the global financial world, following news of the resignation, the Euro rose in value against the Yen, according to WSJ.Com. The dollar was in a similar position with respect to the Euro.