TOKYO — Japanese stocks fell to an 11-week low Monday, pressured by a strong yen and fresh worries over a slow global economic recovery following a worse-than-expected U.S. job report.
The benchmark Nikkei 225 stock average lost 57.38 points, or 0.6 percent, to 9,674.49, down for a third straight trading day. It marked the lowest close since July 21 when the key stock index finished at 9,652.02.
The broader Topix index declined 0.8 percent to 867.28.
"Investors were disappointed by the worse-than-expected U.S. report. It was yet another somber indicator that a U.S. economic recovery is very fragile," said Masatoshi Sato, market analyst at Mizuho Investors Securities Co. Ltd.
The Labor Department said Friday U.S. employers cut 263,000 jobs in September, which was more than the 201,000 cut in August and worse than expected. The U.S. jobless rate notched up from 9.7 percent to a new 26-year high of 9.8 percent.
So here's a simple question, does it make any sense at all - when the U.S. is losing over 200,000 jobs a month - that we are still importing 150,000 foreign workers a month (and that many in Congress are pushing for more)?
Is there any argument at all that can justify this?