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Topix suspends trade for 15 minutes in Tokyo
by Elaine FreiThe Tokyo equities markets were much lower on Wednesday. The Nikkei 225 dropped 515 points, or 2.85 percent, to close at 17,604, while the Topix index fell 3.23 percent to 1,752.74. At one point during the session, every stock listed on the Nikkei was in negative territory, but a few were able to make it back into positive figures by the end of the day.
Trade was suspended on the Topix index for 15 minutes early in the session when the index fell 70 points in a short period of time, triggering its “safety valve” in the event of a sudden, substantial decline. There was also a warning that if the Topix fell by 100 points below the previous close, another safety device would trigger and suspect arbitrage trading in all First Section shares. That step never had to be taken. Still, declines were sharp enough that chief cabinet secretary Yasuhisa Shiozaki said that the government was monitoring the market closely, although assurances were made that Japan’s economy was still sound.
Nikko Cordial (TYO: 8603; SGX: N06) was hurt by news reports that the Tokyo Stock Exchange was in the final stages of preparing to delist it after its recent scandals. The broker’s shares fell 14.85 percent in consequence of the rumors. Elsewhere in the securities sector, Daiwa Securities (TYO: 8601) were 5.3 percent lower to ¥1,501, while Nomura Holdings (TYO: 8604; SGX: N33; NYSE: NMR) fell 5.33 percent, to ¥2,575.
Kobe Steel (TYO: 5406) was just one of many miners and heavy industries that fell on the session, dropping 4.23 percent to ¥4.76.
Nippon Meat Packers (TYO: 2282) was one of the two companies listed on the Nikkei to end the session higher. It added 3.78 percent to ¥1,481.
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