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BOJ 'Shock', Unease Over U.S. Push Japan Stocks Down -- Market Talk
BOJ Tightening, Risk Aversion Deal Hit to Japan Equities -- Market Talk
With a strong movement towards risk-aversion, the price of the stock market has reached the 35,000 yen range, the highest in six months.
The Nikkei average fell sharply, ending trading below 36,000 yen for the first time in about six months at 35,909.70 yen (with an approximate volume of 2.970 million shares). Following the decline of major stock indexes in the US market on the previous day, reflecting concerns over the slowdown of the US economy, the Tokyo market also started selling. The decline widened to 36,107.29 yen in the morning session, and there were moments of buying on dips due to the reaction against the rapid decline, and in the afternoon session it rose to the 36,400 yen range.
Japanese Stocks Suffer Biggest Fall Since 2020 on Economic Concerns -- WSJ
The Nikkei average has experienced a historic steep decline, the second largest decline in history since Black Monday.
On the first day of the U.S. stock market, there was a significant drop. Dow Inc. fell 494.82 points (-1.21%) to 40,347.97, Nasdaq fell 405.26 points (-2.30%) to 17,194.14, and S&P 500 closed at 5,446.68, down 75.62 points (-1.37%). Following the expected interest rate cut, buying continued and rose after the opening. However, unemployment insurance claims reached a one-year high and the ISM manufacturing outlook index unexpectedly fell.
Japanese stocks plummeted 5%, with the China Southern Peak Topix ETF and the Huaan MUFG N225 ETF both falling more than 4%.
Why did the Japanese stock market crash?