Reply #16: But note, it was like this at midday in Tokyo:

[Ghost Dog]

Asian markets rebound fizzles

By Andrew Wood in Hong Kong Thu Jan 17, 12:25 AM ET

Persistent worries about the state of the US economy overwhelmed an early rebound in Asian stock markets on Thursday, with many turning lower as afternoon trading began after morning gains driven by bargain-hunting and a firmer dollar.

In China, financial shares led a fall of over 3 per cent after the central bank late on Wednesday announced an increase in bank reserve requirements. Shanghai's composite index was down 3.5 per cent at 5,107.753 in the early afternoon, after recording its biggest fall in nearly two months the previous day.

The MSCI Asia Pacific Index slid 0.7 per cent to 144.03 by lunchtime in Tokyo, after earlier gaining as much as 1 per cent.

Spot gold rose by nearly half a per cent to $881.03 per ounce by lunchtime in Hong Kong, but was still well short of Monday's lifetime high of $914.

Japanese stocks were pushed lower as the yen strengthened slightly, sending exporters into retreat.

The broad-based Topix index dropped 0.3 per cent to 1,298.59 - its first fall below 1,300 since September 2005. The Nikkei 225 dipped into negative territory early in the afternoon session but then recovered to trade 0.8 per cent higher at 13,610.19.

The yen was trading around Y106.9 to the dollar after falling back into 107 territory overnight.

/... http://news.yahoo.com/s/ft/20080117/bs_ft/fto011720080033070570