Nikkei Plunges; Second Largest Drop in History

Aug 03, 2024 | News On Japan

TOKYO - The Japanese Nikkei 225 experienced a historic drop on Friday, closing 2,216 points lower than the previous day at 35,909, following concerns over an economic downturn in the United States.

This was the second-largest decline since the aftermath of Black Monday in October 1987, when global stock markets crashed.

On June 11, the Nikkei had surpassed 42,000 yen, reaching a record high. However, it has since declined by over 6,000 yen.

Other factors contributing to the decline include currency intervention and additional rate hikes by the Bank of Japan, which have led to a stronger yen and concerns over the performance of export companies.

Takuro Hayashi, head of the Investment Information Center at Iwai Cosmo Securities, commented, 'Japanese and U.S. stocks had been showing strong performance until early July, so we are seeing a reactive sell-off and profit-taking.'

People on the streets expressed their concerns over the largest drop of the century.

An office worker said, 'My stocks are down. (Q: How much?) They have dropped quite a bit, around 10%. I think I need to study more about investments.'

'The future is uncertain. The rapid changes are confusing,' another person remarked.

Previously: Nikkei Plummets Over 2000 Yen on Friday

Source: ANN

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