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* Nikkei down 4.8 percent for lowest close in a month
* Sony tumbles after loss prediction, Toshiba also hit
* Exporters slide as yen rises
* Reality of weak economy outweighs hopes for new U.S. govt (Adds USJ)
Market players said recent buying based on hopes for the administration of U.S. President-elect Barack Obama, which had underpinned a global rally in the New Year, had lost steam in the face of signs that the global economic situation remains dire.
"These worsening forecasts aren't just a Japanese event, we're seeing the same thing happen in the United States, and it's pushing the dollar lower against the yen," said Masayoshi Okamoto, head of dealing at Okasan Securities.
The benchmark Nikkei .N225 fell 422.89 points to 8,413.91, its lowest close since Dec. 12 and its third straight trading day of losses, the biggest losing streak since mid-November.
Originally posted by orgyofthedead
Well things seem to be getting worse again even with all the money being thrown at the problem. So what now?