Japan Stocks Fall 283 Points : Japan Market Dives 283 Points in Panic

Japan’s stock and bond markets panicked for a time today as the central bank moved to cut off easy money to land and securities speculators who, it thought, were pushing prices up too far and too fast.

Fears that new money for the market might dry up sent share prices tumbling, pushing the market average down 409.01 points in the early afternoon, a near record one-day fall. But investors looking for cheap stocks at bargain prices brought the average back slightly at day’s end to close down 283.27 points at 15,272.24.