Despite the carnage on Wall Street Wednesday, Asian markets finally crawled out of their dismal abyss overnight. European markets remain skittish, but major indices turned up as midsession approached.
After swinging in a 700-point range, Tokyo's
average surged 2.6% into the close to end at 12,152.8. Market pundits speculated the recovery might have been driven by news that Japanese bank
doubled its loan loss provisions in response to growing fears about loan defaults, as well as news the Japanese government might set up a fund to cover investor losses.
On Wednesday, ongoing concerns over Japan's staggering economy and its sagging stock market were exacerbated by news that a credit rating agency, Fitch, put 19 Japanese banks on credit review and that the
Bank of Japan
was in emergency talks with two troubled banks.
took a look at the impact Japan's troubles had on
worldwide markets yesterday. The Nikkei remains near a 16-year low.
Hong Kong also recouped recent losses, and the
closed 1.2% higher at 13,504.2.
In Europe, the
was recently trading up 21.7 points, or 0.39%, to 5647.6. Germany's
was 60.15 higher, or 1.04%, to 5854.3. And Paris'
was rising 39.4, or 0.77%, to 5154.9. Finland's
Helsinki General Index
, however, was dropping 261 to 7829, a 3.2% loss.