(2 Aug 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Tokyo, Japan – 02 August 2024
1. Market benchmarks Nikkei 225 and TOPIX displayed on monitor, stock prices reflected on glass
2. Close of Nikkei 225 current price dropping below 2000
3. Wide of electronic board
4. Various exteriors of Tokyo Stock Exchange
5. Various of market figures display
STORYLINE:
World shares tumbled Friday, with Japan’s Nikkei 225 index slumping 5.8% as investors panicked over signs of weakness in the U.S. economy.
The declines followed a retreat on Wall Street after weak data raised worries the Federal Reserve may have missed its window to lower interest rates before they undercut economic growth.
Fed Chair Jerome Powell said a cut could come in September after the U.S. central bank held steady at a meeting this week.
Japan’s market retreated to where it was trading in January before surging to an all-time high last month of over 42,000.
The Nikkei 225 lost 2,216.63 points to 35,909.70, with banks’, technology-related and manufacturers’ shares hit by heavy selling.
The Nikkei has lost 6.2% in the past three months.
Japanese shares pummelled after the central bank raised its benchmark interest rate on Wednesday, to 0.25% from 0.1%.
That pushed the value of the Japanese yen higher against the U.S. dollar, potentially hurting overseas earnings of major manufacturers and deflating a boom in tourism.
AP video by Mayuko Ono
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