Japan Stock Market Plunges 10 Per Cent

Economic fears spread across Asia as the Nikkei index suffers major losses on its second day open after last week’s devastating earthquake.

On Monday the Nikkei opened to a major loss of six per cent, and the index fell a further 10 per cent Tuesday as investors pulled their money out of the Japanese economy, which has been virtually shut down since the horrific earthquake last week. With the threat of radioactive contamination from the stricken Fukushima nuclear power plant still looming, it’s unclear when business will return to normal in the northeastern part of the country, a major hub of the manufacturing industry. Toyota Motor Corp., the world’s largest auto-maker, announced it was halting its domestic production, causing a 7.4 per cent loss in its shares. Ports are closed and manufacturing has all but ceased as the Japanese are being urged to conserve power.