(11 Mar 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Tokyo – 11 March 2025
1. Tokyo Stock Exchange’s logo and trade figures reflected on glass
2. Japan’s benchmark stock index Nikkei 225 displayed on electronic board, showing drop of 842 points
3. Mid of electronic board
4. SOUNDBITE (English) Rintaro Nishimura, Political Analyst, Associate at Japan Practice of The Asia Group:
"I think that like you said (US President Donald) Trump’s interview saying that the economy is in transition clearly affected the markets. And I think the biggest reason was that, I think, initially when people saw Trump’s tariffs announcements, they seem to be, i think, more like threats. And you know, there seemed to be room for negotiation, and it seemed to be more like a bluffer card that the administration could use to kind of get other countries to what they wanted. But I think the announcements have continued to come and now we have China retaliating, I think it was yesterday that they came out with new tariffs on (US) agricultural products, so it is clearly looking more like a trade war than I think (what) people initially expected it to be."
5. Camera operator filming Nikkei 225 index
6. SOUNDBITE (English) Rintaro Nishimura, Political Analyst, Associate at Japan Practice of The Asia Group:
"I don’t know if the (Japanese) trade’s minister’s meetings or his interviews after those meetings was part of the markets’ reaction but the fact that (Yoji) Muto failed to get any kind of commitment from (US Secretary of Commerce Howard) Lutnick or other officials that Japan will be exempt from the tariffs, I think that was also, in a way, just another sign that the tariffs are coming and they are just not a trick for them to threaten other countries to do what they want."
7. Various exteriors of Tokyo Stock Exchange
STORYLINE:
Asian benchmarks dove Tuesday, as worries grew about the ripple effects from President Donald Trump’s tariffs on regional economies and companies.
Japan’s benchmark Nikkei 225 dove 1.7% in morning trading to 36,382.57. Australia’s S&P/ASX 200 lost 0.9% to 7,888.50. South Korea’s Kospi declined 1.5% to 2,532.29. Hong Kong’s Hang Seng slipped 0.9% to 23,568.83, while the Shanghai Composite lost 0.4% to 3,352.01.
Asia Group political analyst Rintaro Nishimura attributed he fall in markets to comments made by U.S. President Donald Trump.
"Saying that the economy is in transition clearly affected the markets." Nishimura said before explaining that people saw Trump’s tariffs announcements as threats.
Also Tuesday, Japan slightly lowered its October-December economic growth rate to an annual rate of 2.2%, revised from the 2.8% growth given last month, because of revisions in consumer spending and private inventories.
The stock fall in Asia echoed the sell-off on Wall Street, where investors are raising questions on how much pain Trump will let the economy endure through tariffs and other policies in order to get what he wants.
The S&P 500 dropped 2.7% to drag it close to 9% below its all-time high, which was set just last month. At one point, the S&P 500 was down 3.6% and on track for its worst day since 2022. That’s when the highest inflation in generations was shredding budgets and raising worries about a possible recession that ultimately never came.
The Dow Jones Industrial Average dropped 890 points, or 2.1%, after paring an earlier loss of more than 1,100, while the Nasdaq composite skidded by 4%.
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