REFILE-Nikkei cascade to 4-yr lows, financial system concern hits rigid

Nikkei stumbles 3.6 %, hits buck since May 2004
Topix stumbles 4.1 %, lowest stage since Dec 2003
Financial system uncertainties grow in spite of U.S. rescue plan
High-techs, exporters tow market losing

Oct 6 – Stock market of Japan Nikkei fell to an average of 3.6 % to a four-year stumpy on Monday as Kyocera Corporation 6971.T and other high-tech stocks slide, with investors discarding shares on rising fear the economic crisis is striking the wider financial system. Yoshinoya Holdings Company 9861.T plunge additional than 11 % after the restaurant series cut its net revenue estimate for the year to February 2009 by 98 % in what marketplace participants said can be a forerunner of a wave of such descending revisions.
The stock marketplace losses came yet after the U.S. House of legislature approved a $700 billion economic set free plan as marketplace attention shift from concern about whether or not the suggestion would pass to worry about how it would be carried.
"The blood loss has been stopped at present, but the query is, will the set free plan really work?" said Hiroichi Nishi, GM at the equity division of Nikko Cordial Securities.
The standards Nikkei N225 discard 393.81 pts to 10,544.33, its buck since May 2004. The broader Topix TOPX fell 4.1 % to 1,005.53, its buck since December 2003. Some marketplace participants said there were doubts that the economic crisis is far as of over, with investors becoming nervous as U.S. banks Wells Fargo & Company and Citigroup Inc fight over concerned rival Wachovia Corporation.
Others whispered extensive slide in U.S. shares showed the crash of the economic crisis was increasing into a wide wrap of the financial system. "There's motionless a wisdom that the economic crisis truly isn't all over up till now, and it is definitely spilling more into the break of the financial system," said Takashi Ushio, chief of the asset strategy division at Marusan Securities.
"We are looking at a awful downward twisting."
Others say that concern about Japanese business earnings was opening to take a superior toll as consequences season approach and a increasing number of firms issue descending revisions.
Yoshinoya, which specializes in "gyudon" rice dishes with beef, cut its net revenue estimate for the year to February to 50 million Japanese Yen after its income took a strike from the deprived presentation of its sushi series unit, Kyotaru Company 8187.Q, which has been enforced to lock all of its family restaurants.
BAD TIMING

Yoshinoya misplaced 11.4 % to 88,900 yen.
A resembling sufferer was J.Front Retailing Company 3086.T, which chop down 2.4 % to 559 yen after a newspaper report that the department stock up operator's yearly operating revenue is likely to decrease 15 % to about 34 billion yen, missing the company's estimate for 40 billion yen. Few sectors were unharmed.
"Though technological factors advise a bounce back is not idealistic at this summit, it is tough to come up with a purchasing scenario. Foreigners are staying absent and individual depositor sentiment is throbbing," Marusan's Ushio said.
Individual investors back this up.
"Even though the economic bailout preparation was approved, markets this dawn are plummeting like rocks. We motionless cannot sense safe," said Yusuke Komatsu, a 29-year-old company member of staff, who strut in front of a securities firm.
Economic shares tumble, with Mitsubishi UFJ Financial Group 8306.T descending 9.7 % to 802 yen. No. 2 bank Mizuho Financial Group 8411.T discards 8.3 % to 400,000 yen and Sumitomo Mitsui Economic Group 8316.T misplaced 6.1 % to 589,000 yen.
Kyocera mislaid 4.8 % to 7,290 yen and Tokyo Electron 8035.T was down 8.9 % to 4,000 yen, fetching the peak two drags on the Nikkei 225 by quantity weight.
Canon Inc 7751.T mislaid 3.7 % to 3,700 yen and Honda Motors 7267.T slide 3.9 % to 2,725 yen.
One of the few dazzling spots was makeup maker Shiseido Company 4911.T, which rose 4.6 % to 2,510 yen following Mitsubishi UFJ Securities raises its ranking to "2" from "3," saying that fresh high-end makeup products will likely assist the firm's income recover in the second half.
Trade pulled out up, with some 1.04 billion shares tainted hands on the Tokyo exchange during first segment, compared to most recent week's 910 million dawn every day average.
Declining shares strike advancing ones by approximately 15 to 1.