Global credit turmoil rocked Asian markets today, pushing Japan’s Nikkei to 2007 lows, as US and Canadian firms struggled to meet payments and Wal-Mart and Swiss Bank UBS released disappointing forecasts. Through it all the Yen rose, as risk-averse investors turned to some safe havens in Japan, Reuters reports.
The MCIS index of Asia stocks excluding Japan was at its lowest level since May. Hardest hit were financial stocks, including Japan’s Mitsubishi UFJ, and exporters such as Sony and Toyota. The region’s emerging currencies, such as Indonesia's rupiah, also plummeted in the ongoing credit crunch, attributed to chaos in the US subprime mortgage market.