Dubai debt and strong yen dent Japanese market

Updated November 27, 2009 20:19:47

Stockmarkets across Asia tumbled today after the state-run Dubai World conglomerate raised concerns about its ability to repay a $US60 billion dollar debt, and in Japan the Nikkei closed down more than 3 per cent, with Dubai's jitters adding to exporters' woes over the yen's rapid advance against the US dollar. Every time there's a rise in the value of the currency by a single yen, the operating profit of Japan's premier car-maker Toyota takes a hit in the region of hundreds of millions of dollars. This morning the greenback slumped to a 14-year low of around 85 yen. Today the government hinted it may intervene to weaken the currency, to keep the recovery of Japan's export-led economy on track and stave off a double-dip recession.

Presenter: Mark Willacy, North Asia Correspondent
Speakers: Hideo Kumano, economist, Dai-ichi Life Research Institute; Norio Sasaki; Toshiba president; Shoji Muneoka, chairman, Japan Iron and Steel Federation