News - Economics / markets
Categories: Economics / Markets
Topics: Korea | Emerging markets
Stock markets across Asia have fallen after news of the death of North Korean leader Kim Jong-il renewed fears of political instability in the region.
Japan's Nikkei 225 closed down 1.3% at 8,296 after North Korean state media said overnight that Kim had died of a heart attack caused by overwork.
South Korean shares fell 3.4%, having earlier been down as much as 5%, and its currency, the won, dropped 2%. The MSCI Asia ex Japan fell by more than 2%.
Japan's minister of finance Jun Azumi said he had told officials to watch for the economic impact of Kim's death.
Lingering fears of downgrades for major eurozone sovereigns pushed the euro down to $1.2985, with European markets set to open lower.
European leaders will today hold a conference call in Brussels to discuss the approval of €200bn in extra funding via the IMF.
Categories: Economics / Markets
Topics: Korea | Emerging markets
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The future of the two Koreas and China?
If his son takes over it will continue the economic and inhumane disaster area that constitutes North Korea today, the last outpost of a fascist/Marxist/tyrannical hotchpotch of a political system which is what Marx's ideas and ideals were hijacked into, a system directed to maintaining the power base of those in power.
So what will change even if some other megalomaniac with similar ideas gets into power there?
But, perhaps, there might be some cadre that feels the country should try to emulate their neighbour, China's, leap forward and change things, the better that this might happen. Perhaps even now there are Chinese diplomats flying in for quiet talks to help this process. After all, if North Korea ever used its atomic weapons against the South, the USA's treaty with them requires a response in kind. China does not want the sort of power base in North Korea where that could possibly happen. If things become more peaceful and less confrontational, the whole market area will improve massively.
Posted by: Orlando Furioso
19 Dec 2011 | 10:13
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