Nikkei tumbles, leading Asian market slide

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Asian markets skidded on Monday, with Japan's Nikkei 225 index down 4%, after a selloff Friday on Wall Street gave the S&P 500 its worst weekly loss since...

BANGKOK — Asian markets skidded on Monday, with Japan’s Nikkei 225 index down 4%, after a selloff Friday on Wall Street gave the S&P 500 its worst weekly loss since February.

Part of the Fed’s mission is to keep prices under control. The fear is that burgeoning inflation may prompt central banks to dial back the lavish support that has lifted markets to new highs after they plunged at the onset of the coronavirus pandemic last year. South Korea reported its exports rose nearly 30% in the first 20 days of June in the latest indication that the region’s recovery is steaming ahead despite lingering outbreaks of infections in many places.

Markets were spooked after St. Louis Federal Reserve President James Bullard said Friday on CNBC that his personal prediction was that the first rate increase may come as soon as next year.

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