Stocks took another pummeling in Tokyo today, with once again shipping firms suffering the brunt of the bears.
The Nikkei 225 sank 4.8% to 14,952.61, capping off its worst weekly performance since 2008, investors spooked by the dollar diving to a 15-month low against the yen, something that is expected to harm exports. The Nikkei is now down 21.4% for the year.
Once again this week it was shipping stocks that were among the worst performers.
Nippon Yusen Kaisha (NYK) was down 9.86% to Y192, Kawasaki Kisen Kaisha (K Line) dropped 6.63% to close on Y169, while Mitsui OSK Lines (MOL) suffered a 9.8% reversal to end the week on Y184.
More alarmingly are the drops Japan’s biggest lines have seen in share prices year-to-date; MOL down by 40% since January 1, and NYK and K Line both off by 35%.
The full scale of the dire shipping markets facing the Japanese trio was laid bare on January 29, when they all slashed full year forecasts while announcing their third quarter results.