Tokyo Stock Exchange Falls 4.2%, Weighed Down by Wall Street and Yen Strength Against the Dollar
Tokyo’s Nikkei index closed sharply lower on Wednesday, dropping 4.24%, weighed down by Wall Street’s decline and the yen’s appreciation against the dollar.
The benchmark Nikkei 225 index fell 4.24% to 37,047.61 points, while the broader Topix index ended down 3.65% at 2,633.49 points.
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The dollar was trading at 145.16 yen in Asian markets on Wednesday, down from 145.87 yen on Tuesday in New York.
Major U.S. indices were in negative territory before the Asian markets opened, with the Nasdaq dropping more than 3%.
On Tuesday, the so-called “Magnificent Seven,” which have led this year’s rally, plummeted, led by Nvidia (-9.53%), Alphabet, Google’s parent company (-3.94%), Apple (-2.72%), and Microsoft (-1.85%).
In August, indices posted positive results as expectations for a September rate cut strengthened and renewed recession fears seemed to fade. However, September has started on a weak note.
This month’s Federal Reserve meeting will be closely watched following recent comments by Chairman Jerome Powell, who has supported the easing of monetary policy.
The likelihood of a 25 basis point interest rate cut stands at 63%, according to CME Group’s FedWatch tool, while the probability of a 50 basis point cut is 37%.
Tesla dropped by 1.64% after the electric vehicle manufacturer announced plans to produce a six-seat variant of its Model Y in China starting in late 2025.
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