Market stabilizing? Japanese stock market surges 10%, US stock futures up over 1%, Japanese yen plunges

Wallstreetcn
2024.08.06 22:24
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The Japanese stock market opened higher, with the Nikkei 225 Index and the TOPIX Index surging by 10%. The Japanese Yen against the US Dollar widened its decline to 1.5%

After experiencing a widespread decline yesterday, on Tuesday, the Asia-Pacific stock markets reversed yesterday's downward trend and rebounded strongly, with several major indices rising.

The Asia-Pacific stock markets opened higher, with the MSCI Asia-Pacific Index rising by 2%.

The Japanese stock market opened higher. The Nikkei 225 Index and the TOPIX Index both opened 2% higher, with a significant 8% surge during the trading session.

○ The Japanese yen against the US dollar gave back its gains, with the yen against the dollar falling by 1.5%, expanding from the previous increase, ending a five-day uptrend. It had reached 141.70 on Monday, the highest level since January 2.

○ The yield on Japanese 10-year government bonds rose by 14.5 basis points.

○ The Seoul Composite Index in South Korea opened 4% higher. The KOSDAQ Index futures in South Korea surged, triggering the 'SIDECAR' trading halt mechanism. Samsung Electronics rose by 5%, and SK Hynix rose by 6%.

○ The Taiwan Stock Exchange Weighted Index saw its increase expand to 4%, with TSMC rising by 6.6%.

○ After the gains in US bonds yesterday, US Treasury yields rose across the board, with the 10-year yield increasing by 5 basis points to 3.84%.

[9:01 Update]

The TOPIX Index futures in Japan triggered the upward circuit breaker mechanism.

[8:51 Update]

The MSCI Asia-Pacific Index saw its increase expand to 3%, while the TOPIX Index and Nikkei 225 Index in Japan saw their gains expand to 10%.

The Seoul Composite Index in South Korea saw its increase expand to 5%.

Updates are ongoing