Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

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Nikkei down 2% in afternoon, Koizumi effect fizzles
TOKYO, May 9 (Reuters) - Tokyo's benchmark Nikkei average fell more than two percent in early afternoon on Wednesday as optimism over Prime Minister Junichiro Koizumi's planned reforms fizzled into caution.

``Koizumi gave the market a much-needed shot of optimism and drew in foreign investors, but mere rhetoric has lost its punch,'' said Hidenori Karaki, equities general manager at Tokyo Mitsubishi Personal Securities.

High-tech sentiment was also weakened by a loss in Nasdaq June futures on Globex, which was hit by after-the-bell results from networking powerhouse Cisco Systems Inc (NasdaqNM:CSCO - news).