Japan market summary for Wednesday (Dec. 19)
Nikkei 225 Stock Average: -177.35 (-1.2%) to 15,030.51
Nikkei 225 futures Osaka: -80 (-0.5%) to 15,090, Singapore (SGX) -95 (-0.6%) to 15,085 Chicago (CME) *12/18 +220 (+1.5%) to 15,295
TOPIX: -12.98 (-0.9%) to 1,456.79; Advancers 287 x decliners 1,336 (unch. 102), New highs 7 x new lows 86
Nikkei Jasdaq: -8.39 (-0.5%) to 1,724.29
Yen: strengthened 0.2% to the 113.00-05 level against the US$ late in Tokyo; strengthened 0.1% against the euro to the 162.75 level



Notes: Aside from a general lack of bullishness ahead of the Christmas/NY holidays, the Cabinet Office’s report of a downgraded growth estimate for the current fiscal year did not bode well for equities. The Cabinet Office lowered its GDP forecast to 1.3%, from 2.0% previously. 2008/2009 GDP is now seen at 2.0% vs. 2.2% previously.

Worse yet, a Lehman analyst told clients there’s “heightened risk that the economy enters a recession before it gets out of deflation; wage and consumption growth remains subdued.” (MarketWatch)

MOTHERS -1.9%, HERCULES -1.6%.