Market Report – U.S. Data Hurts Yen

In today’s market report… a disappointing U.S. jobs report hurt Asian stocks Monday – spooking investors already wary of a strengthening yen.

The benchmark Nikkei average fell 4 percent, less than a week after posting its strongest one day gain in 6 months.

Adding to that drop, new concerns over Hungary’s debt problems – and the euro’s decline. Worries over Europe’s debt crises were renewed, after a Hungarian official said the country was at risk of a Greek-style crises.

Investors sold shares across the board, as the euro fell against the yen – reaching its lowest point in more than 8 years.

Shares for Japan’s largest parts maker Hitachi tumbled, following news reports that the company’s deal to build and maintain Britain’s intercity trains was in jeopardy.

Japanese investors continue to keep a close watch on the country’s political situation as new leader Naoto Kan finalized his cabinet.

Fiscal conservative Yoshihiko Noda, the current deputy finance minister is expected to replace Kan in his previous role. Support for Japan’s ruling party has skyrocketed since embattled leader Yukio Hatoyama stepped down last week.

Foto: NTDTV