Nov. 5, 2007–For the last five trading days (Friday was a holiday), the Nikkei 225 headed downhill in the early hours. In broad-brush terms, the Nikkei 225 went above 18,000 in July, fell to 15,000 in August, recovered to 17,500 in October and has fallen below 15,000 in November.
Three of the last five trading days, Japan's Nikkei 225 has declined in the morning and then recovered in the afternoon. We saw this big-time on Tuesday, Nov. 20, but you can see it on Friday, Nov. 16 and Thursday, Nov. 22. Were Tokyo's traders seeing an infusion of central bank liquidity or did the afternoon upticks come from lunchtime liquidity? Unfortunately for Tokyo traders, the London Stock Exchange is not open yet when they finish their day.
So it's a change in pace today, and good news, that the Nikkei headed straight up from the opening.
Early alerts on longer-term business, economic and public policy issues. Successor to the web site www.cityeconomist.com. Maintained by John Tepper Marlin.
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