02:25The Japanese stock market suffered its biggest ever daily loss on Monday as it plunged over 4,400 yen, considered the largest drop in history and drawing comparisons to the 1987 Black Monday stock market crash.
“Well, the trigger, or rather the background, was the same as the previous week's declines; the exchange rate is strong yen. Today, the yen fell below the 143 per dollar level, raising concerns about Japan's business performance due to the strong yen. In addition, the US jobs report was released over the weekend,” Deputy General Manager of the Investment Research Department. of IwaiCosmo Securities Co Ltd Takuro Hayashi explained in his Tokyo office.
He compared this Monday’s drop to Black Monday in October 1987 when the Nikkei suffered a decline of over 3,836 points and argued that due to the fact that it is now summer vacation season in Japan, there were not enough buyers to soften the effect on the markets and were easily pushed by sellers.
"Naturally, investors are panicking in parts because it is the biggest drop in history," ge stated.
Footage shows locals walking by a building with monitors displaying electronic stock quotations and taking pictures of them.
The comments come after the Nikkei 225 index of leading stocks in Tokyo recorded a drop of 4,451 points on Monday and has closed a whopping 12% down over concerns regarding the performance of the US economy and a selloff mirrored throughout Asia and affecting global markets.
It started on Friday after Washington released a job report that turned out worse than expected. Additionally the Bank of Japan increased interest rates to tackle inflation bolstering the yen against the US dollar negatively affecting export-dependent stocks.
'Investors are panicking' - Japanese stock market suffers ‘biggest drop in history’ amid global market sell-off
The Japanese stock market suffered its biggest ever daily loss on Monday as it plunged over 4,400 yen, considered the largest drop in history and drawing comparisons to the 1987 Black Monday stock market crash.
“Well, the trigger, or rather the background, was the same as the previous week's declines; the exchange rate is strong yen. Today, the yen fell below the 143 per dollar level, raising concerns about Japan's business performance due to the strong yen. In addition, the US jobs report was released over the weekend,” Deputy General Manager of the Investment Research Department. of IwaiCosmo Securities Co Ltd Takuro Hayashi explained in his Tokyo office.
He compared this Monday’s drop to Black Monday in October 1987 when the Nikkei suffered a decline of over 3,836 points and argued that due to the fact that it is now summer vacation season in Japan, there were not enough buyers to soften the effect on the markets and were easily pushed by sellers.
"Naturally, investors are panicking in parts because it is the biggest drop in history," ge stated.
Footage shows locals walking by a building with monitors displaying electronic stock quotations and taking pictures of them.
The comments come after the Nikkei 225 index of leading stocks in Tokyo recorded a drop of 4,451 points on Monday and has closed a whopping 12% down over concerns regarding the performance of the US economy and a selloff mirrored throughout Asia and affecting global markets.
It started on Friday after Washington released a job report that turned out worse than expected. Additionally the Bank of Japan increased interest rates to tackle inflation bolstering the yen against the US dollar negatively affecting export-dependent stocks.
The Japanese stock market suffered its biggest ever daily loss on Monday as it plunged over 4,400 yen, considered the largest drop in history and drawing comparisons to the 1987 Black Monday stock market crash.
“Well, the trigger, or rather the background, was the same as the previous week's declines; the exchange rate is strong yen. Today, the yen fell below the 143 per dollar level, raising concerns about Japan's business performance due to the strong yen. In addition, the US jobs report was released over the weekend,” Deputy General Manager of the Investment Research Department. of IwaiCosmo Securities Co Ltd Takuro Hayashi explained in his Tokyo office.
He compared this Monday’s drop to Black Monday in October 1987 when the Nikkei suffered a decline of over 3,836 points and argued that due to the fact that it is now summer vacation season in Japan, there were not enough buyers to soften the effect on the markets and were easily pushed by sellers.
"Naturally, investors are panicking in parts because it is the biggest drop in history," ge stated.
Footage shows locals walking by a building with monitors displaying electronic stock quotations and taking pictures of them.
The comments come after the Nikkei 225 index of leading stocks in Tokyo recorded a drop of 4,451 points on Monday and has closed a whopping 12% down over concerns regarding the performance of the US economy and a selloff mirrored throughout Asia and affecting global markets.
It started on Friday after Washington released a job report that turned out worse than expected. Additionally the Bank of Japan increased interest rates to tackle inflation bolstering the yen against the US dollar negatively affecting export-dependent stocks.