Economic Impact
Negative economic effects were seen throughout the region after the test. South Korea's KOSPI index fell 2.4% to 1319.4, forcing the Korea Exchange to suspend trading for five minutes upon receiving the news. The Japanese and Taiwanese stock exchanges were closed for a market holiday on the day of the test. The Japanese yen also fell to a seven-month low against the United States dollar while oil on the world market rose above US$60 a barrel. Gold prices rose 1% as a safe haven investment. Several stock markets in Asia from Singapore to Manila have traded lower possibly because of the tests. American stock markets were mixed, with the Dow Jones Industrial Average down at its open the next day; however, at 10:30 am EDT, the Dow rebounded and concluded the day with an increase of 7.60 points (+0.06%). NSE and BSE of India, however, showed some strength.
Read more about this topic: 2006 North Korean Nuclear Test
Famous quotes containing the words economic and/or impact:
“But I would emphasize again that social and economic solutions, as such, will not avail to satisfy the aspirations of the people unless they conform with the traditions of our race, deeply grooved in their sentiments through a century and a half of struggle for ideals of life that are rooted in religion and fed from purely spiritual springs.”
—Herbert Hoover (1874–1964)
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)