Japan stocks rebound sharply after worst rout in history

Hong Kong CNN  —  Japanese shares soared in early trading on Tuesday, clawing back some of their record losses from the previous day and underpinning a regional rally. The Nikkei 225 last traded about 11% higher, while South Korea’s Kospi rebounded by 4.2%. Hong Kong’s Hang Seng Index rose 1%. They all suffered major losses
Japan stocks rebound sharply after worst rout in history

Hong Kong
CNN
 — 

Japanese shares soared in early trading on Tuesday, clawing back some of their record losses from the previous day and underpinning a regional rally.

The Nikkei 225 last traded about 11% higher, while South Korea’s Kospi rebounded by 4.2%. Hong Kong’s Hang Seng Index rose 1%. They all suffered major losses during the previous trading session.

On Monday, the Nikkei closed down 12.4% in its largest one-day fall since October 1987. It lost 4,451, its biggest point drop in history. The plunge triggered a global market rout. All major Asian, European and US markets fell substantially.

Related article
Why the stock market is freaking out again

Growing worries about a recession in the US economy and the rapid unwinding of popular carry trades involving the yen had sent the markets into a tailspin.

The surge in the yen, which started with the Bank of Japan signalling a hawkish tilt in monetary policy in recent weeks, forced many market participants to quickly unload the yen carry trades. On Monday, the yen hit a seven-month high against the US dollar at around 143. It pulled back slightly on Tuesday, down 0.8% to 145.

This is a developing story and will be updated.

Total
0
Shares
Leave a Reply
Related Posts
Senate GOP launches first attack in Michigan Senate race
Read More

Senate GOP launches first attack in Michigan Senate race

Senate Republicans' campaign arm is launching its first attack in Michigan’s Senate race, targeting Democratic Rep. Elissa Slotkin on pandemic relief spending, according to an ad shared first with NBC News. Slotkin easily won her party’s primary Tuesday, setting up a race against GOP former Rep. Mike Rogers in November. And Republicans are wasting no
Morgan Stanley Chief Jonathan Bloomer Also On Sunken Bayesian Yacht With Michael Lynch
Read More

Morgan Stanley Chief Jonathan Bloomer Also On Sunken Bayesian Yacht With Michael Lynch

Forbes Business Breaking Morgan Stanley Chief Jonathan Bloomer Also On Sunken Bayesian Yacht With Michael Lynch Mary Whitfill Roeloffs Forbes Staff Mary Roeloffs is a Forbes breaking news reporter covering pop culture. Following Aug 20, 2024, 09:37am EDT Updated Aug 20, 2024, 12:24pm EDT Share to Facebook Share to Twitter Share to Linkedin Topline The
Are our jails out of control? House of Commons passes controversial Labour plans to start letting thousands of inmates out early to ease overcrowding despite record number of weapons and drugs being smuggled into prisons
Read More

Are our jails out of control? House of Commons passes controversial Labour plans to start letting thousands of inmates out early to ease overcrowding despite record number of weapons and drugs being smuggled into prisons

Controversial plans to release thousands of prisoners early were approved in the Commons yesterday as figures showed a record number of weapons, drugs and other illicit items were smuggled into jails last year. MPs signed off the Government’s early release measure, designed to ease the prisons overcrowding crisis, despite concerns it could become permanent and