It isn’t just the Big Three: bad news about Toyota is weighing down Japan’s exchange traded fund (ETF) this morning, along with the broader market. It’s just more evidence of the widespread effects the global downturn is having.
It’s the first loss for the Japanese automaker in 70 years, reports Martin Fackler for The New York Times. The company is expecting to lost $1.7 billion for the fiscal year ending March 31. The last time it lost money was in 1938, the year after it was founded.
Toyota is 5.7% of iShares MSCI Japan (EWJ), which is down 30.9% year-to-date.
iShares S&P/TOPIX 150 (ITF): down 31.2% year-to-date; Toyota is 6%
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