BANGKOK (AP) -- Japanese stocks rebounded Wednesday, recovering some of the massive losses sustained over the last two days following a devastating earthquake and tsunami. Other Asian indexes also bounced back even as the human and economic toll from the disasters, including an escalating nuclear crisis, remained unclear.
Oil prices hovered above $97 a barrel after big losses overnight. In currencies, the dollar was up against the yen and the euro.
The benchmark Nikkei 225 index briefly surged more than 6 percent but softened slightly after Japan suspended operations to prevent a stricken nuclear plant from melting down after a surge in radiation made it too dangerous for workers to remain at the facility.
TOKYO (AP) -- Japan's central bank continued to flood money markets with cash on Wednesday, bringing its total emergency funding to nearly $700 billion as it tries to soothe fears about the economic impact of the catastrophic earthquake, tsunami and unfolding nuclear crisis.
The latest offer of Bank of Japan funding came as stock markets bounced back from a steep sell-off that sent the benchmark Nikkei down 20 percent over two days to an almost two-year low. The index finished up 5.7 percent at 9,093.72.
The Bank of Japan conducted emergency operations for the the third day in a row, bringing its total liquidity injection to 55.6 trillion yen ($688.3 billion) since Monday. By flooding the banking system with money, it hopes banks will continue lending and meet the likely surge in demand for post-disaster funds.
The government on Wednesday ordered emergency workers to withdraw from a stricken nuclear plant amid a surge in radiation, temporarily suspending efforts to cool the overheating reactors. The nuclear crisis has triggered international alarm and partly overshadowed the human tragedy caused by Friday's 9.0-magnitude earthquake and the subsequent tsunami.
Oil rises above $98 amid Bahrain, Libya clashes
SINGAPORE (AP) -- Oil prices rose to above $98 a barrel Wednesday in Asia as fears that clashes in Bahrain and Libya could further disrupt crude supplies outweighed concern Japan's disaster will crimp demand.
Benchmark crude for April delivery was up 97 cents at $98.15 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
In London, Brent crude was up $1.75 at $110.27 a barrel on the ICE futures exchange.
Demostrators in Bahrain said at least two people were killed Wednesday when troops and police battled with anti-government protesters. On Tuesday, about 1,000 soldier from Saudi Arabia entered Bahrain at the request of the government to help quell the uprising.
Meanwhile, month-long fighting between government and rebel forces in Libya has cut most of the OPEC nation's crude production.
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