Japan Stocks Crash over Mounting U.S. Woes

Aug 05 (News On Japan) - The Nikkei Stock Average plunged by more than 4,200 at one point on Monday afternoon due to increasing fears of an economic downturn in the United States.

Following last week’s second-largest decline on record, the Nikkei Stock Average fell more than 4200 yen below its closing price from last Friday at one point.

The weaker-than-expected employment statistics released on August 2 have heightened concerns about a potential economic recession in the U.S.

In the Tokyo foreign exchange market, the yen briefly reached the 142 yen per dollar level, marking its strongest position since January, approximately seven months ago.

Since the Bank of Japan announced additional interest rate hikes at its monetary policy meeting, the yen has continued to appreciate against the dollar, with the yen’s rise accelerating in the afternoon.

Source: ANN

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