Japanese stocks jumps 10% after Monday's record fall
Tokyo/IBNS: The Japanese stocks surged more than 10 percent on Tuesday (Aug 6), bouncing back from a record selloff on Monday (Aug 5) on worries over the US economy and a stronger yen, reports said.
According to reports, benchmark index Nikkei 225 jumped 3,249.36 points, or 10.33 percent, to 34,707.78, while the broader Topix index added 228.49 points, or 10.26 percent, to 2,455.64.
The Nikkei had closed down 4,451.28 points, or 12.40 percent, on Monday, which was the largest points drop in its history.
The Japanese yen weakened sharply to 146.01 against the US dollar during morning trade, having surged on Monday to 141.70, a level not seen since early January, reports AFP.
As per reports, a stronger yen is a negative for Japanese exporters, and recent rallies were fuelled by central bank policy decisions that reversed months-long trends.
The Bank of Japan last week hiked interest rates for the second time in 17 years, with talk of another rate hike to come, while the US Federal Reserve has hinted at a cut as soon as September, according to reports.
Among major shares in Tokyo on Tuesday, Honda surged 14.90 percent to 1,438 yen following a report that it was expected to announce a record quarterly profit, while Toyota jumped 10.51 percent to 2,466.5 yen, Sony Group advanced 7.44 percent to 12,125 yen and Nintendo added 9.87 percent to 7,259 yen, reports AFP.
Meanwhile, semiconductor shares were also sharply higher, with Tokyo Electron adding 12.26 percent to 24,760 yen and Advantest up 9.11 percent at 5,797 yen, as reported by AFP.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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