Nikkei Plummets Below 39,000

Mar 11, 2024 | News On Japan

TOKYO - Tokyo's stock market experienced a sharp drop, with Nikkei at one stage falling nearly 1,200 points, the largest decline of the year, before closing at 38,820 yen, down 868 yen from the end of last week.

Last week, the stock price broke through 40,000 yen for the first time.

The decline was caused by a "drop in semiconductor stocks" and "yen appreciation."

The stock price of Nvidia, a major American semiconductor company, fell sharply at the end of last week, affecting semiconductor-related stocks such as Tokyo Electron.

Additionally, following remarks from a Bank of Japan (BOJ) policy board member at the end of last week, the market has strengthened its view that the BOJ will abandon negative interest rates next week. This has led to an appreciation of the yen.

The yen strengthened to around 146.50 yen per dollar, leading to a sell-off in export-related stocks and a temporary decline of nearly 1200 points.

This Wednesday is the "biggest climax" of this year's spring labor negotiations, with concentrated responses from major corporations.

Will the BOJ move to end the negative interest rates that have been in place for eight years to escape deflation? With this critical decision ahead, stock prices may continue to fluctuate significantly.

Source: TBS

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