Stock markets in Asia reportedly plunged on Monday, following big falls last week by major indexes around the world.
In Japan, the Nikkei 225 and Topix indexes were both down by more than 10% in afternoon trade.
It comes after weak jobs data in the US on Friday sparked fears of a recession in the world’s largest economy.
Meanwhile, the yen has been strengthening against the US dollar since the Bank of Japan raised interest rates last week, making stocks in Tokyo more expensive for foreign investors.
“The selloff was instigated by the sharp appreciation of the [yen] as global investors turned cautious on Japanese corporate earnings, especially that of exporters such as automakers,” said Kei Okamura, a Tokyo-based portfolio manager at investment firm Neuberger Berman.
The Japanese currency has strengthened around 9% against the US dollar over the last month.
A stronger yen makes Japanese goods more expensive, and consequently less attractive for potential overseas buyers.
Elsewhere in the Asia-Pacific region, Taiwan’s main share index and South Korea’s Kospi both fell more than 8%.
India’s main index the NSE Nifty 50 was trading1.8% lower and the ASX in Australia was down about 2%.
The Hang Seng in Hong Kong was down 1.4%, while the Shanghai Stock Exchange was little changed.
Cryptocurrencies were also down. Bitcoin dropped to just over $53,000, its lowest level since February.
On Friday, stocks in New York fell sharply after official jobs data showed that US employers added 114,000 jobs in July, far fewer than expected.
The figures raised concerns that a long-running jobs boom in the US might be coming to an end and drove speculation about when and by how much the Federal Reserve will cut interest rates.
Stock markets were already worried about high borrowing costs and unsettled by signs that a long-running rally in share prices, fuelled in part by optimism over artificial intelligence (AI), might be running out steam.
Friday’s decline in the Nasdaq brought the index down about 10% from its most recent peak – a fall known as a “correction” – that in this case has happened in a matter of weeks.
The Dow Jones Industrial Average also dropped 1.5% on Friday, and the S&P 500 ended 1.8% lower, after markets in Asia and Europe sank.
Follow us on:
Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…
Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…
View Comments
GREETINGS!! GREETINGS!!!
MERCEDES BENZ.ML350=#1.9MILLION..
MERCEDES BENZ =ML550.#3.2MILLIO.
Toyota Land Cruiser-N2.5 million
• Toyota Prado N2 million
• Toyota Corolla –N750,000-1.9m
• Toyota Camry –N550,000-N1.8 M
• Toyota Avensis – N950,000-N1.7M
• Toyota Yaris – N900,000
• Toyota Venza – N2.8 million
TOYOTA HIGH LANDER ₦2.2MILLION
GOLF 2 ₦25O,000.
GOLF 3 ₦350,000.
GOLF 4 ₦500,000.
Honda CR-V –950,000
Honda Pilot – N1m500,000
Honda Accord – N950,000
AND MANY MORE
Toyota RAV4 SUV –N1.2milli
• Toyota Hilus Pickup-N950,000
• Toyota Dyna Truck – N1.3million
• Toyota Hiace Bus – N1.5 million
* Toyota Highlander-N1.2 million
*Toyota Big daddy-N850,000-1.9 m
AUCTIONING OF BAGS OF RICE AND GALLONS OF OIL AT CHEAP AND AFFORDABLE PRICES.
➡GALLONS OF OIL =13,000
👇👇👇
#RICE
▪PER BAGS OF RICE ARE:-
➡RISING SUN= N20,500
➡SECIAL RICE= N18,500
➡MAMA AFRICA= 19,500
➡TOMATO RICE= N20,500
➡CAPRICE = N19,500.
AND MANY MORE EXCLUSIVE OFFER'S.
ADDRESS. NO.110 IDIROKO CUSTOM AREA COMMAND IN OGUN STATE BORDER..
CONTACT THE ASST STATE AUCTIONEER.
NUMBER:-[O8O__6739__9O9O]
FOR ANY FURTHER INFORMATION..
Bags of Rice === #18, 500 Per Bag
Groundnut Oil 25litres === #12, 00 Per Gallon...
WE DELIVER TO ANY STATE IN NIGERIA PER BAG IS N1000 FOR DELIVERY. THANK YOU