Japan’s Super-Volatile Trading Day

While just about everything is higher, one market that didn’t have a good end to the week was the Nikkei, which is suddenly getting gripped by Fukushima issues again.

First there’s the news of more extensive plant damage than previously thought, so to whatever extent this was being priced in, now there’s a bit more previously unappreciated risk.

Then during the day there was talk about loan forgiveness for TEPCO, which caused banks to treble. You can see the huge decline right after the tea break. The market did end up coming back a bit, but whereas the Nikkei was previously really close to 10,000, it now has a bit more work to do.