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Japanese stocks slump

Japanese stocks have continued to slump, as investors become even more pessimistic about the chances of recovery in the world's second largest economy.

Tokyo Correspondent, Mark Simkin reports.

The Japanese stockmarket lost ground for the fourth day in row. The Nikkei index shed half of one percent to close at a fresh 18 year low. Banks led the declines, with investors increasingly worried about the weak state of Japan's financial system. Ratings agency, standard and poors has cut the credit rating of seven banks, reflecting the growing fears of a full-blown banking crisis. Mark Simkin, Tokyo.

07/02/2002 06:04:25 | ABC Radio Australia News

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