Tokyo Stock Market Opens Year with Sharp Drop as Workers Pray for Prosperity

Jan 07, 2025 | News On Japan

TOKYO - The Tokyo stock market opened its first trading session of the year with a sharp decline, raising concerns about the state of Japan’s economy in the months ahead. The Nikkei average fell by more than 600 yen at one point compared to the previous year-end, a disappointing start for investors hoping for an optimistic beginning to 2025.

At Kanda Myojin Shrine in Tokyo, office workers gathered early in the morning, lining up to pray for business prosperity. A consultant explained that they purchased an 8,000-yen rake, a traditional good luck charm, as part of their annual ritual. The consultant added that since launching the company five years ago, they’ve been buying larger rakes each year in hopes of continued growth.

In another instance, a logistics company spent 30,000 yen on a rake, believing it would bring good fortune in business. “We want to stay competitive, and getting a larger rake is symbolic of that. If we can’t handle the pressure, we won’t survive,” said a company representative, emphasizing the importance of their investment in good luck.

Beyond prayers for business success, many workers expressed hopes for wage increases. A human resources worker stated that they were seeking a minimum 5 percent pay raise, while a real estate employee said they were hoping for a modest 10 percent increase, noting the continued rise in living costs.

Despite these wishes, economic uncertainties loom large. Market experts highlighted the potential impact of former U.S. President Trump, particularly in trade negotiations, as a significant risk factor. “There’s nothing but uncertainty regarding what moves Trump might make, especially in trade,” commented a market insider.

Adding to these concerns, rising inflation remains a pressing issue, with food prices expected to increase in the coming months. Whether Japan’s economy can overcome these challenges and thrive or will continue to face turbulence remains uncertain.

Source: TBS

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