The result was a sell-off that spread from Tokyo to Paris to New York, pushing apparel, luxury, retail and beauty stocks lower almost across the board. , down 9.6 percent to 36,470 yen in Tokyo; Mytheresa, 6.8 percent to $3.71; Macy’s Inc., 4.7 percent to $15.18; Salvatore Ferragamo, 4.5 percent to 7.63 euros;Corp., 3.8 percent to $133.87; Nike Inc. 3.5 percent to $71.42; The Estée Lauder Cos., 3.5 percent to $92.20; Burberry Group, 3.3 percent to 7.
Those two realities came together in dramatic fashion on Monday, when the Nikkei 225 in Tokyo plummeted 12.4 percent, the FTSE 100 in London dropped 2 percent and the S&P 500 fell 3 percent. “The Japanese yen has increased against the dollar by about 18 percent over the past month making yen-denominated debt much more expensive,” Brusuelas said. “So they’re selling off U.S. equities to pay off those .”
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