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"The ECB doesn't seem to have stepped up to the plate for bond buying, which I think is negative"
- Shane Oliver, head of investment strategy at AMP Capital Investors Ltd.
Japanese stocks fell on Thursday as record borrowing from the European Central Bank showed how deeply the debt crisis has affected the financial system. The Nikkei 225 shed 0.77%, or 64.82 points, to 8,395.16, while the broader Topix lost 0.35%, or 2.56, to 723.12.
"Banks want to secure cash to prepare for huge amounts of debt maturing next year," said Hitoshi Asaoka, a Tokyo-based senior strategist at Mizuho Trust & Banking Co. "The more money banks get, the less stress they'll have."
"The ECB doesn't seem to have stepped up to the plate for bond buying, which I think is negative," said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd. "At least they are acting as a lender of last resort for banks."