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:
“In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up—or else all go down—as one people.”
—Franklin D. Roosevelt (1882–1945)
“Conquest is the missionary of valour, and the hard impact of military virtues beats meanness out of the world.”
—Walter Bagehot (1826–1877)