The long-term effects of the Sept. 11 terrorist attacks in the U.S. on the global economy and financial markets will be limited, despite the negative sentiment prevailing at many bourses, according to a former Tokyo branch manager for J.P. Morgan.

Panic-selling and market pessimism, as seen in the recent falls of the Dow Jones industrial average and the dollar, are only short-term phenomena, said Takeshi Fujimaki, a well-known trader. He said markets will stabilize in the long term.

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