Japan's stock market suffered its biggest ever one-day loss on Monday as a global sell-off intensified following weak US jobs data.
The benchmark Nikkei 225 ended the day 4451 lower, which is the biggest drop by number of points in history.A pedestrian cycles past monitors displaying the Nikkei 225 Stock Average figure and other financial data outside a securities firm on August 5 in Tokyo, Japan.
Circuit breakers, which pause trading amid strong volatility in an effort to prevent panic selling, were triggered multiple times inOn Friday, the Nikkei closed down 5.8 per cent, marking its biggest daily drop since March 2020, as traders fretted about the impact of a stronger yen on Japanese companies after the Bank of Japan signalled further rate hikes could be on the way.
From there, the market turmoil morphed into a "full-on avalanche," propelled by a surprisingly hawkish turn from the BOJ,Last week, the BOJ raised interest rates by 15 basis points to 0.25 per cent in its second hike this year and announced plans to taper its bond buying. The Dow closed 1.5 per cent lower, the S&P 500 lost 1.8 per cent and the Nasdaq Composite declined 2.4 per cent.The Nasdaq closed in correction territory, or more than 10 per cent off its most recent high on July 10.On Friday, oil prices settled at their lowest levels since January.
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