Japanese crisis hits the global economy
TSX down sharply in wake of tsunami
The devastation of the tsunami and the threat of a nuclear crisis in Japan have hit financial markets hard, with the Canadian dollar down more than one cent and the TSX losing more than 300 points in the opening five minutes of trading on Tuesday. The Nikkei stock index plunged by 11 per cent, or 1,000 points, while the NYSE invoked Rule 48, which allows the exchange to suspend required price dissemination and official floor approval before opening. The U.S. dollar is benefiting as investors seek treasuries to protect against a “demand destructive event.”
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