Asian markets closed lower Tuesday. In Japan the Nikkei 225 Index plunged 10.6% to 8,605. In Hong Kong the Hang Seng Index slid 2.9% to 22,678 and in China the Shanghai Composite Index fell 1.4% to end the day at 2,896.

Japanese shares are enduring a tsunami of their own as investors pull money out of a market that is becoming more and more unstable by the day. "If you have stability of forecasts and stability of data, that allows people to invest," Russell Investments's chief market strategist told Bloomberg. "That's why markets sell off when something goes from being uncertain to being unknowable."

Radiation Reaches Dangerous Levels

Japan's situation is worsening by the minute as Prime Minister Noto Kan warned that radiation levels are now reaching dangerous levels as a result of further explosions at Japan's Fukushima nuclear plant. Authorities in Tokyo, less than 150 miles from Fukushima, have detected higher radiation levels, although they are still insisting that the levels are not harmful to human health.

Shares in Tokyo Electric, which runs the Fukushima plant, plunged 24.7%. The fallout from Japan's crisis will most probably include lost business abroad -- already countries like Switzerland and Germany have suspended plans to build and replace nuclear plants until safety standards are re-assessed, according to the New York Times. And shares in blue chip companies that build nuclear reactors also nosedived. Toshiba careened 19% and Hitachi tumbled 13%. Mitsubishi Heavy Industries slumped 11% and Japan Steel works, which makes nuclear plant components dived 16%.

The Bank of Japan's $98 billion injection into the country's financial system was not enough to keep financial institutions buoyant in the face of such crisis. Mizuho Financial dropped 10%, Mitsubishi UFJ slumped 8.8% and Sumitomo Mitsui gave up 7.2%.

Hefty Losses Affect Every Sector

Building firms, which had seen increases in the wake of the disaster, were pummeled today. Taisei fell 13.9%, Kajima declined 13.1% and Obayashi sank 10.2%.

In Hong Kong fears are growing that nuclear fallout could affect a wider region. The Hong Kong Observatory says, "The chance of radiation from Japan reaching Hong Kong in the next several days is slim." But for those hearing pollution ratings of "fine" when the air outside is soupy, this may not be much of a comfort. Today property shares sank with Hang Lung plunging 6.3%, Henderson Land sliding 4.4% and Sun Hung Kai losing 3.4%. China Resources Land fell 3%, New World Development dropped 2.9% and Cheung Kong slipped 2.9%.

Insurers suffered severe losses with Ping An falling 6.1% and China Life down 3.3%. Banks also fell with Industrial & Commercial Bank of China off 2.9%, Bank of China and Bank of Communications both losing 2.2%.

In China manufacturers of nuclear-related products sustained steep losses. China First Heavy Industries sank 6.3% and Dongfang Electric slid 5.2%

Chinese coal producers closed lower on worries that the suspension of Japanese production will cut the usually large orders for Chinese coal. Yanzhou Coal Mining dropped 5.1% and China Shenhua Energy fell 2.7%.



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donut999

amen ksmwtm. they would rush to cash, gold, just about anything. exactly what we will all do eventually. the smart ones already have.

March 15 2011 at 4:19 PM Report abuse rate up rate down Reply
ksmwtm

Domino effect! Terriorist now see what a little explosion can do to the free world! Double the guards!

March 15 2011 at 3:59 PM Report abuse +1 rate up rate down Reply
hey u

Billy Preston, Nuthin from Nuthin ,leaves nuthun. Karl Rove is going to save us, so Rub a lamp , drink the koolaid and spf greater than 50.

March 15 2011 at 3:42 PM Report abuse +1 rate up rate down Reply
Trudy Marie

If the END IS NEAR I am breaking my LENTEN VOWS and GORGING MYSELF ON ICE CREAM, CHIPS AND CHOCOLATE! YABBA DABBA DOOOOOOOOOOOOOOOOOOOOOOOO

March 15 2011 at 3:01 PM Report abuse +2 rate up rate down Reply
k4jlp

YEP THE END OF THE WORLD IS HERE CAUSE PAT ROBINSON SEZ SO

March 15 2011 at 1:35 PM Report abuse rate up rate down Reply
k4jlp

YEA BUT GOLDMAN SACHS IS SO LEVERAGED IN CRUDE FUTURES...NO LONG LUNCHES FOR THE BS/GS BOYS TODAY...SELL...SELL...SELL... CALL YE BROKER AT HIS PAID PER HOUR GIRLS HOUSE...

March 15 2011 at 1:35 PM Report abuse +1 rate up rate down Reply
cathysplace54

The end times are here .... http://www.familyradio.com/index2.html

March 15 2011 at 12:56 PM Report abuse -1 rate up rate down Reply
fpfp040408

I am riding the wave = loaded up when OBAMA took office! Market went UP 4,000 points. Sold everything day of the earthquake except Apple & Walmart. Plus bought ford as Japan's car manufacturing will be hampered. When bottom hits around 7,000 will again rise the wave up ! GOD BLESS AMERICA & our great President, President OBAMA !

March 15 2011 at 12:30 PM Report abuse -3 rate up rate down Reply
CADNR

When wall st opens. TSUNAMI!

March 15 2011 at 9:12 AM Report abuse -3 rate up rate down Reply
HELLO FROM GRADY

THEIR ECONOMY WILL CRUMBLE LIKE A CRACKER.

March 15 2011 at 8:56 AM Report abuse rate up rate down Reply