Anika Begay
The Ginza luxury shopping district in Tokyo, Japan, on Saturday, May 4, 2024.
Getty Images
Japanese stocks rebounded sharply on Tuesday after the Nikkei 225 and Topix fell more than 12% in the previous session. Other Asia-Pacific markets also opened higher.
Japan Nikkei225 — which posted its biggest loss in the previous session since the Black Monday crash of 1987 — and the broad-based Topix index gained more than 10%.
The yen weakened by more than 0.62% to 145.07 against the U.S. dollar.
All major Japanese trading firms rallied more than 8%, with Marubeni up more than 13%. Softbank Group Corp jumped nearly 10%.
South Korea I’m going to jumped more than 4% while small-cap Kosdaq rose more than 6%. The rebound comes after South Korean markets were temporarily halted on Monday after circuit breakers were triggered.
South Korean giant Samsung Electronics rose 4.2%, while chipmaker SK Hynix rose 5.5%.
The Australian S&P/ASX 200 index opened up 0.16%.
Oil prices also rose with Brent Crude Oil rising 1.65% and trading at $77.56 a barrel. United States West Texas Intermediate Crude oil rose 1.86% to $74.30.
Japanese household spending data for June showed a larger-than-expected decline year-on-year, falling 1.4 percent in real terms. Average monthly income per household rose 3.1 percent in real terms from a year earlier.
Real wages in Japan also rose 1.1 percent in June from a year earlier, the first time wages have risen in 26 months. Strong wage growth provides more room for the Bank of Japan to tighten its monetary policy.
Hong Kong Hang Seng Index Futures were at 16,781, down from the HSI’s last close of 16,698.36.
The Reserve Bank of Australia will publish its benchmark interest rate later today; economists expect it to remain steady at 4.35%.
During the night in the United States, the Dow Jones 30-Stock and the S&P 500 Index recorded their worst sessions since September 2022.
THE below fell by 1,033.99 points, closing down 2.6%, while the S&P 500 Index slipped by 3%. Nasdaq Composite lost 3.43%, closing 15% below its closing high.
—Vscek’s Hakyung Kim, John Melloy and Sarah Min contributed to this article.
