Japanese Stock Market Tumbles Amid Global Tech Selloff and Economic Concerns

Shares sink in Japan as a tech-driven retreat on Wall St drives selling of chip makers and exporters

TOKYO (AP) -- Japan's benchmark Nikkei 225 index has dropped nearly 6% in the worst day for Tokyo's market since the pandemic selloffs of 2020. The drop of 5.8%, or more than 2,000 points, to its close at 35,909.70 left the index near where it was in mid-January, erasing huge gains that had taken the Nikkei past the 40,000 level as enthusiasm for artificial intelligence drove shares in computer chipmakers and other related companies sharply higher. The declines followed a retreat on Wall Street after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before it undercut economic growth. Japanese shares also have been pummeled after the Bank of Japan raised its benchmark interest rate. The yen has jumped against the dollar, potentially hurting manufacturers' earnings and deflating a tourism boom. Early Friday, the yen was trading at 149.07, up from 149.37 late Thursday.

Shares sink in Japan as a tech-driven retreat on Wall St drives selling of chip makers and exporters

TOKYO (AP) -- Japan's benchmark Nikkei 225 index has dropped nearly 6% in the worst day for Tokyo's market since the pandemic selloffs of 2020. The drop of 5.8%, or more than 2,000 points, to its close at 35,909.70 left the index near where it was in mid-January, erasing huge gains that had taken the Nikkei past the 40,000 level as enthusiasm for artificial intelligence drove shares in computer chipmakers and other related companies sharply higher. The declines followed a retreat on Wall Street after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before it undercut economic growth. Japanese shares also have been pummeled after the Bank of Japan raised its benchmark interest rate. The yen has jumped against the dollar, potentially hurting manufacturers' earnings and deflating a tourism boom. Early Friday, the yen was trading at 149.07, up from 149.37 late Thursday.

Shares sink in Japan as a tech-driven retreat on Wall St drives selling of chip makers and exporters

Japan's benchmark Nikkei 225 index has dropped nearly 6% after a broad retreat on Wall Street TOKYO -- Japan's benchmark Nikkei 225 index has dropped nearly 6% in the worst day for Tokyo's market since the pandemic selloffs of 2020. The drop of 5.8%, or more than 2,000 points, to its close at 35,909.70 left the index near where it was in mid-January, erasing huge gains that had taken the Nikkei past the 40,000 level as enthusiasm for artificial intelligence drove shares in computer chipmakers and other related companies sharply higher. The declines followed a retreat on Wall Street after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before it undercut economic growth. Japanese shares also have been pummeled after the Bank of Japan raised its benchmark interest rate. The yen has jumped against the dollar, potentially hurting manufacturers' earnings and deflating a tourism boom. Early Friday, the yen was trading at 149.07, up from 149.37 late Thursday.

Shares sink in Japan as tech-driven retreat on Wall St drives selling of chip makers and exporters

A pedestrian walks past a display showing the Nikkei Stock Average plunged nearly 2,000 points during a morning trading session in Tokyo, Japan, Aug. 2. EPA-Yonhap Japan's benchmark Nikkei 225 index has dropped nearly 6 percent in the worst day for Tokyo's market since the pandemic selloffs of 2020. The drop of 5.8 percent, or more than 2,000 points, to its close at 35,909.70 left the index near where it was in mid-January, erasing huge gains that had taken the Nikkei past the 40,000 level as enthusiasm for artificial intelligence drove shares in computer chipmakers and other related companies sharply higher. Seoul stocks open sharply lower on US losses amid slowdown woes 2024-08-02 11:43 | Markets The declines followed a retreat on Wall Street after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before it undercut economic growth. Japanese shares also have been pummeled after the Bank of Japan raised its benchmark interest rate. The yen has jumped against the dollar, potentially hurting manufacturers' earnings and deflating a tourism boom. Early Friday, the yen was trading at 149.07, up from 149.37 late Thursday. (AP)