On July 25, the Tokyo Stock Exchange opened with a significant decline, as the Nikkei index dropped over 2.5%. This downturn was largely influenced by losses on Wall Street, particularly within the technology sector, alongside a strong yen which negatively impacts Japan’s major exporters by reducing their overseas profits.
Within just the first ten minutes of trading, the Nikkei, which tracks 225 of Japan’s most prominent stocks, fell by 2.56%, or 1,004.09 points, settling at 38,150.76. Meanwhile, the Topix index, which includes larger companies on the main section of the exchange, experienced a more moderate dip of 2.28%, equivalent to 63.77 points, landing at 2,729.35.
The Tokyo market opened sharply lower, absorbing the previous night’s losses from Wall Street, where the S&P 500 and Nasdaq faced their worst day since 2022. This decline was mostly attributed to significant drops in the shares of Tesla and Alphabet, Google’s parent company, following disappointing earnings reports.
During the morning session in Tokyo, the yen fluctuated between 153.54 and 153.96 against the dollar. Asics, the sporting goods manufacturer, was the most traded stock in the initial minutes, showing a decrease of 1.03%. This was followed by Mitsubishi UFJ, one of the country’s largest banks, which slipped by 1.43%, and automaker Honda, down by 1.25%.
Additionally, Toyota saw a decline of 1.94%, while gaming giant Nintendo experienced a drop of 0.96%. Overall, the market’s negative sentiment was palpable as it reacted to international trends and domestic currency strength.
Image and News Source: https://www.infobae.com/america/agencias/2024/07/25/la-bolsa-de-tokio-cae-mas-de-un-25-a-la-apertura-por-wall-street-y-las-tecnologicas/
