Japan’s Nikkei logs worst day since 1987 Black Monday crash

Japan’s stock market confirmed a bear market on Monday as the Nikkei 225 and Topix both fell over 12%, continuing last week’s sell-off in Asia-Pacific markets.

The indexes have dropped more than 20% from their July 11 all-time highs.

The Nikkei’s 12.4% loss, closing at 31,458.42, marked its worst day since Black Monday in 1987, with a record point drop of 4,451.28, erasing all gains for the year.

The Topix declined 12.23% to 2,227.15. Major trading houses like Mitsubishi, Mitsui, Sumitomo, and Marubeni plunged over 14%, with Mitsui losing nearly 20% of its market cap.

The yen strengthened to its highest level against the dollar since January, trading at 142.09.

South Korea’s Kospi fell 8.77% to 2,441.55, and the Kosdaq dropped 11.3% to 691.28, triggering circuit breakers and halting trade temporarily, CNBC has reported.

read more: https://www.cnbc.com/2024/08/05/asia-markets.html

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