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Japan stocks rebound sharply after worst rout in history

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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.

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.

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