Asian Stocks Plunge as Japan Warns on Nuclear Plant Explosions
This article is for subscribers only.
Asian stocks slumped, dragging the benchmark index down by more than 10 percent from its January peak, as Japan’s prime minister said the risk of further radiation leaks has increased after a third explosion at a nuclear power plant.
Japan’s Nikkei 225 Stock Average plunged 11 percent today, entering what some investors call a bear market after falling more than 20 percent from its high this year on Feb. 21. Mitsubishi UFJ Financial Group Inc., Japan’s No. 1 publicly traded bank, sank 8.8 percent. Honda Motor Co. and Suzuki Motor Co. each fell at least 3.9 percent after halting operations at factories following the nation’s worst earthquake. Australian uranium producers dropped for a second day in Sydney.