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Japanese stocks rebound from worst crash since 1987 while global markets are mixed

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Japanese shares soared Tuesday, clawing back some of their record losses from the previous day and underpinning a patchy recovery on global markets.

The benchmark Nikkei 225 index finished 10% higher and the broader Topix closed around 9% up. Elsewhere in Asia, South Korea’s Kospi rebounded by 3.3%, while Taiwan stocks gained 3.4%. However, Hong Kong’s Hang Seng Index, which closed later, was down 0.3%. Markets around the world plunged during Monday’s session when a combination of fears about a slowing US economy, rising Japanese interest rates and crumbling tech stocks combined to trigger a meltdown.

AI-related tech stocks also suffered, impacting equity valuations across Taiwan and South Korea, where chipmakers produce most of the world’s supply of high-end semiconductors used in AI applications, they said. A stronger yen Japan’s stock market, in particular, was hard-hit by the rapid appreciation of the yen, which undermines the export competitiveness of the country’s manufacturers. On Monday, the yen hit a seven-month high against the US dollar at around 143.

 

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