March 13: The day in pictures
March 13: The day in pictures
Japanese yen notes are piled up after counting at a bank in Seoul
The Bank of Japan on Tuesday continued its huge fund injections into the banking system, while top economic officials highlighted the economy's resilience in a desperate attempt to limit a sharp selloff on the Tokyo stock market.
Japanese shares plunged at one point more than 14% to two-year lows as more explosions rocked a quake-stricken nuclear plant, triggering a rise in radiation and prompting investors to dump riskier assets across Asia.
The yen surged on Tuesday, though a sudden spike in the dollar triggered market talk of intervention. Finance Minister Yoshihiko Noda declined to comment on whether Tokyo stepped into the market to weaken the yen and traders later played down the sudden rise in the dollar as a result of a one-off trade.
Gold bars are displayed at the Ginza Tanaka store in Tokyo
Gold slid more than 1% on Tuesday as declines in stock markets triggered by a deepening nuclear crisis in Japan prompted speculators to sell bullion to cover losses, while holdings on the ETF fell to their lowest since May last year.
Silver fell around 3%. Platinum and palladium gave up early gains and dropped more than 1% after Japanese shares slumped for a second day on Tuesday as a fresh explosion rocked a stricken nuclear plant.
Gold lost $15.66 an ounce to $1,410.99 by 9:51 am (IST), after rising as much as 1% on Monday as Japan battled to prevent a nuclear catastrophe after last week's devastating quake and tsunami and on political unrest across West Asia.
Trucks carrying supplies negotiate an upward curve on the Jammu-Srinagar highway at Ramban
India's cabinet on Tuesday approved a bill to usher in a national goods and services tax (GST), the finance minister said, the final step in the country's most ambitious tax reform before introducing it in parliament.
Finance Minister Pranab Mukherjee reiterated his commitment to send the proposed legislation to parliament during the current session that ends March 25.
The GST will cut business costs and boost government tax revenue, but will likely miss its April 2012 deadline for implementation due to resistance from several states and the main opposition Bharatiya Janata Party.
New Land Rover Freelanders are seen outside the Halewood Jaguar and Land Rover factory in Liverpool, northern England
Tata Motors Ltd said on Tuesday its global vehicle sales rose 14% in February to 102,411 units.
Jaguar and Land Rover sales rose 26% to 21,653 units, driven by a 33% rise in Land Rover sales.
Tata bought the British luxury brand unit JLR from Ford Motor Co for $2.3 billion in 2008.
Tata Motors, part of India's salt-to-software conglomerate Tata group, manufactures commercial and utility vehicles, cars and the Nano, touted as the world's cheapest car.
People look at a screen displaying stock prices in Tokyo on March 14, 2011
Japanese stocks plunged 12% on Tuesday on reports of rising radiation levels near Tokyo and lurched towards their biggest loss since the 1987 crash, in a panic selloff likely to compound the economic impact on the quake-stricken country.
Government bond futures soared after Prime Minister Naoto Kan said the risk of nuclear contamination was rising at the Fukushima Daiichi complex on Japan's ravaged northeastern coast, 240 km (150 miles) north of Tokyo.
Equity futures fell and the yen rallied as risky assets were dumped. The yen steadied soon after, raising suspicion that authorities had intervened. The Ministry of Finance declined to comment on intervention.
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