- By Aditya Pratap Singh
- Mon, 05 Aug 2024 02:10 PM (IST)
- Source:JND
Japan Market Crash: Japan’s benchmark Nikkei 225 stock index fell 12.4 percent on Monday amid a global selloff as investors grow increasingly worried about the health of the U.S. economy. The Nikkei closed the day down 4,451.28 points, to 31,458.42. The overall market index fell 12.8 percent as afternoon selling intensified.
Financial markets have been rattled by a report last month that showed U.S. employers hired much more slowly than expected, which has dampened the optimism that drove the Nikkei to an all-time high in recent weeks.
The Nikkei 225 fell 5.8 percent on Friday, its biggest two-day decline ever. Its biggest single-day loss came in October 1987, on what was dubbed “Black Monday,” when the index lost 3,836 points, or 14.9 percent.
Also Read: India To Host First BIMSTEC Business Summit In New Delhi From August 6-8
After the Bank of Japan raised its benchmark interest rate on Wednesday, the shares started falling. The Nikkei is now down 3.8 percent from a year ago point.
One of the factors that prompted the BOJ rate hike was the prolonged weakness of the Japanese yen, which has pushed inflation above the central bank’s 2 percent target. The dollar was trading at 142.39 yen on Monday morning, down from 146.45 yen late Friday and down significantly from levels above 160 yen a few weeks ago.
Other Asian market's performance today
Taiwan’s benchmark fell 7.9 percent to its lowest level since late April, experiencing its worst intraday decline since May 2021. Meanwhile, Indian shares fell nearly 2 percent on Monday, their lowest intraday level in two months. South Korean stocks lost more than 5 percent of their value in their worst decline since the outbreak began in March.
In Southeast Asia, stocks in Indonesia and the Philippines fell nearly 2 percent, and Singapore benchmarks posted their worst day in more than two years, falling 3.6 percent.
Indian stock market today
On Monday, the Indian stock market opened at 24,302.85 points, a deep red opening that is even lower than the 24,568.90 points that opened on Budget Day. The NSE Nifty 50 hit a low of 24,192.50 after falling more than 2 percent.