Tokyo: Bloodbath was reported in Japan’s stock exchange, Nikkei 225 share index, which plunged around 12 per cent on Monday. The Japanese index plummeted as heavy selling was reported triggered by worries the US economy may be in worse shape than had been expected.
The Nikkei index was down more than 4,400 points at 31,458.42 by midafternoon today in Tokyo. It declined 5.8 per cent on August 2, 2204 and it is headed for its worst two-day decline ever.
Nikkei’s biggest decline was in 1987
The Nikkei had registered its biggest single-day fall in October 1987 when it plummeted 3,836 points, or 14.9 per cent%. The day is dubbed “Black Monday”. Tokyo has been witnessing falling in share prices since the Bank of Japan raised its benchmark interest rate on July 31, 2024. The benchmark is now at about the level it was a year ago.
Topix today
The broad-based Topix also plunged over 12.23 pern cent and closed at 2,227.15. Topix witnessed a rout as tech companies and banks share price heavily dropped on the market benchmark. Yen, the Japanese currency, appreciated over 3 versus the US dollar. Banking stocks declined as yields of 10-year government bonds headed for the biggest plunge since 1999.
It may be noted that the Japan stock market is in Red as all the 33 of the Topix’s industry groups have declined since the Bank of Japan raised interest rates on July 31. The increase in rates triggered a surge in the yen that has cast a pall over the earnings outlook for exporters.
Indian stock market
Meanwhile, Indian stock markets also plunged with Sensex dropping over 2,500 points in afteroon. The market investors’ wealth eroded by Rs 9.51 lakh crore on Monday morning, following a crash in equity markets.
Japan’s Nikkei 225 share index plunged around 12 per cent on August 5, 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
