Stock Slump Deepens as Japan Falls Most Since 2020

 

• Treasuries extend rally with 2-year yields declining on Friday
• Economists expect BOJ to hike again by end of the year

Japanese stocks plunged for a second day on expectations for further monetary tightening in the country, exacerbating a global selloff following weak US economic data and tech earnings.

The Topix index fell as much as 5.7%, the most since 2020, as the yen traded near its strongest since March to weigh on Japan’s export-oriented economy. Shares also dropped across Asia from South Korea to Hong Kong, with AI chipmaker SK Hynix Inc. tumbling 8.7%.

https://www.bloomberg.com/news/articles/2024-08-01/stock-market-today-dow-s-p-live-updates