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Japanese shares sink with US Market sell-off
Japanese stocks shared the same fate of their US counterparts as Nikkei 225 fall by 2.12% on Wednesday, hours after the S&P 500 closed 2.04% lower.
By Rony Abboud
0
- Japan
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Japanese stocks shared the same fate of their US counterparts as Nikkei 225 fall by 2.12% on Wednesday, hours after the S&P 500 closed 2.04% lower on an American Tuesday. In the U.S, major selloffs in tech and communication shares were sparked by rising bond yields and weak consumer confidence data amid inflation concerns. The Technology Select Sector SPDR Fund (XLK) and the Communication Services Select Sector SPDR Fund (XLC) which invests in S&P 500 technology and communication shares dropped by 2.96% and 2.44% respectively on Tuesday.
Similarly, tech shares in Japan led the declines. ETFs with exposure to the flagship Nikkei 225 index fell accordingly. The large Nomura Nikkei 225 ETF (NTETF), which manages ¥8,431 billion (USD 75.7 billion) fell by 1.6% on Wednesday.
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Headlining the Japanese news is the election of Fumio Kishida as the new leader for the ruling Liberal Democratic Party, just a few minutes after Tokyo’s market closed. Kishida is set to become Japan's new awaited Prime Minister.
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