As stocks plunge, most Japanese investors cautiously await American President Barack Obama’s Wednesday State of the Union address. Associated Press reports Nintendo and Microsoft as companies less worried.
Japanese shares fell for the fourth day straight. Investors paused to wait on a stronger populist tone from Obama. Yutaka Shiraki, senior strategist at Mitsubishi UFJ securities Co Ltd. called their behaviour a “wait-and-see approach” and investors will “pay attention to his push for bank regulations.” Such regulations may prove hard to impose, but Obama’s rhetoric will be tough, rightly so.
U.S. President Obama and Japan PM Hatoyama
The U.S. Federal Reserve interest rate meeting also made such investors “reluctant to chase gains,” reports AP. The AP report goes on to state investors also fear a great number of things; upcoming U.S. growth data, Japanese jobless figures and a strong yen weakening exports, like videogames.
In the haze of stock market chaos, Nintendo, Microsoft and Sony are still among the highest earners. The argument over whether the videogame market is recession proof continues to be a conundrum.
Via CNBC news
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