Losses in New York were followed in Asia, with Tokyo’s Nikkei Japan’s Nikkei 225 index tanking more than 7% at one point
Tokyo’s Nikkei slumped more than 7% during Asian trading hours on Monday after a disappointing US job report rattled investors.Tokyo’s Nikkei slumped more than 7% during Asian trading hours on Monday after a disappointing US job report rattled investors.
A much-anticipated report Friday showed the US economy added just 114,000 jobs last month, well down from June and far fewer than expected, while the jobless rate rose to the highest level since October 2021.The news came a day after lacklustre factory data that stoked concerns that Fed officials may have held borrowing costs at more than two-decade highs too long.
He pointed out that “the mood was already souring in Asia” after a disappointing bath of earnings from tech titans such as Tesla and Alphabet as well as a rate hike by the Bank ofThe losses in New York were followed in Asia, with Tokyo’s Nikkei tanking more than 7% at one point. The Nikkei was down around 6% in afternoon trading, while Taipei and Seoul were also heavily sold.
Japan’s top government spokesperson Yoshimasa Hayashi said it “will continue to stay on its toes and monitor market developments with keen interest”.
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