Topix Turnover Falls to Lowest Since ’04 on Gloom, Holidays
The value of stocks traded on Japan’s Topix (TPX) Index fell to the lowest level in more than seven years as shares on the gauge slide toward the biggest annual decline since 2008 and markets across Asia were shut for public holidays.
Turnover on the first section of the Tokyo Stock Exchange fell to 500.8 billion yen ($6.4 billion) today, the lowest since Dec. 30, 2004, according to data compiled by Bloomberg News. This year’s daily average is 1.28 trillion yen. Markets in Hong Kong, Australia, New Zealand and Singapore were closed today.
Natural disasters at home and in Thailand as well as a surge in the yen amid Europe’s debt crisis drove the Topix down 19 percent this year, more than the 12 percent decline on the Stoxx Europe 600 Index. There a four trading days left in 2011, set to be the worst year for the gauge since 2008.
The Tokyo Stock Exchange was open for only a partial day on Dec. 30, 2004. Today’s turnover was the lowest on a full-day basis since May 27, 2003.
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