Currency traders watch monitors near a screen showing U.S. President Joe Biden at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 25, 2024. – Global shares retreated on Thursday, with Tokyo's benchmark losing more than 1,300 points at one point and closing down more than 3%, as pessimism set in over a nose-dive on Wall Street.
The yen has been gaining against the dollar largely because of speculation the Bank of Japan will raise its near-zero benchmark interest rate soon. The central bank's next policy meeting ends on July 31. Among the region’s technology shares, Samsung Electronics fell nearly 2%, while Nintendo lost 2.4%. Tokyo Electron tumbled nearly 5%.Wednesday on Wall Street, the S&P 500 tumbled 2.3% for its fifth drop in the last six days, closing at 5,427.13. The Dow Jones Industrial Average dropped 1.2% to 39,853.87, and the Nasdaq composite skidded 3.6% to 17,342.41.
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