Japanese stock market sees biggest drop since 1987's Black Monday amid US recession fears

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Global Economy,Japan,Recession

Japanese stock market sees biggest rout since 1987 Black Monday amid global selloff

TOKYO, Aug 5 — Japanese stocks collapsed on Monday in their biggest single day rout since the 1987 Black Monday sell-offs, driven by last week’s plunge in global stock markets, economic concerns and worries investments funded by a cheap yen were being unwound.

From July 11 to Monday’s close of 31,458.42, Nikkei has wiped out 113 trillion yen of that peak market value.Economic 'Black Swan' recession on the horizon amid upcoming presidential election“The rapid move in the yen is putting downward pressure on Japanese equities, but it’s also driving an unwind of a major carry trade – investors had leveraged up by borrowing in yen to buy other assets, chiefly U.S. tech stocks,” said Kyle Rodda, a senior financial market analyst at Capital.

The yen was last up 2.5% at 142.96 per dollar, and has risen 14% in less than a month, driven in part by the Bank of Japan’s interest rate rise last week and an unwinding of yen-funded carry trades. The banking sector , slumped 17% to become the worst sector among the Tokyo Stock Exchange’s 33 industry sub-indexes.

 

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Japanese stocks plunge in largest rout since 1987's Black MondayJapanese stocks on Monday experienced their largest single-day drop since the 1987 Black Monday crash, driven by global market declines and economic concerns.
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