Japanese traders were rattled by a local business newspaper report that the country's top three banks hold a combined ¥4.7 trillion ($44 billion) in Fannie May and Freddie Mac debt. Those two government-chartered companies received a boost Sunday when the U.S. central bank and Treasury Department promised to step in with short-term funding and other aid should mortgage losses mount. Together, the companies hold or back about half the outstanding mortgages in the U.S.
In Tokyo, the Nikkei 225 Stock Average shed 2% to 12754.56. The financial sector tanked, with banking giant Mizuho Financial Group losing 4.8%. Mitsubishi UFJ Financial Group lost 5% and Sumitomo Mitsui Financial Group tumbled 6%.
http://online.wsj.com/article/SB121608643062953221.html?mod=hps_us_whats_news
Today, not much.
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