The
upscale
shopping
district
of Ginza
in
Tokyo,
Japan,
on
Saturday,
May
4,
2024.
Bloomberg
|
Bloomberg
|
Getty
Images
Japan
stocks
rebounded
sharply
on
Tuesday
after
the
Nikkei
225
and
the
Topix
dropped
over
12%
in
the
previous
session.
Other
Asia-Pacific
markets
also
opened
higher.
Japan’s
Nikkei
225
—
which
saw
its
largest
loss
in
the
previous
session
since
the
1987
Black
Monday
crash
—
and
the
broad-based
Topix
gained
as
much
as
10%
before
paring
gains
to
8%.
The
Bank
of
Japan
raising
rates
to
their
highest
level
since
2008
on
July
30
caused
the
yen
to
strengthen
to
a
seven-month
high,
pressurizing
stocks.
Markets
globally
were
also
spooked
by
fears
of
a
U.S.
recession
stoked
by
a
weaker-than-expected
jobs
report.
Japan’s
heavyweight
trading
houses
all
saw
rebounds
of
over
8%,
with
Marubeni
up
over
13%.
Softbank
Group
Corp
jumped
almost
10%.
The
yen
weakened
over
0.62%
to
trade
at
145.07
against
the
U.S.
dollar.
South
Korea’s
Kospi
jumped
above
3%,
while
the
small-cap
Kosdaq
was
up
more
than
4.5%.
The
South
Korean
markets
were
halted
temporarily
on
Monday
after
they
fell
8%,
triggering
circuit
breakers.
South
Korean
heavyweight
Samsung
Electronics
rose
2.1%,
while
chipmaker
SK
Hynix
climbed
4.5%.
Mainland
China’s
CSI
300
opened
flat,
while
the
Hong
Kong’s
Hang
Seng
index
rose
1.03%.
Australia’s S&P/ASX
200
opened
up
0.27%.
Oil
prices
also
rose
with
Brent
crude
climbing
1.65%
to
trade
at
$77.56
per
barrel.
U.S.
West
Texas
Intermediate
crude
rose
1.86%
to
trade
at
$74.30.
Japan
June
household
spending
numbers
showed
a
larger-than-expected
fall
year
over
year,
dropping
1.4%
in
real
terms.
The
average
monthly
income
per
household
was
up
3.1%
in
real
terms
from
the
previous
year.
Real
wages
in
Japan
also
grew
1.1%
in
June
compared
to
a
year
ago,
the
first
time
that
wages
have
risen
in
26
months.
A
strong
wage
growth
offers
more
room
to
the
Bank
of
Japan
to
tighten
its
monetary
policy.
The
Reserve
Bank
of
Australia
will
release
its
cash
rate
later
today,
with
economists
expecting
it
to
remain
steady
at
4.35%.
Overnight
in
the
U.S.,
the
30-stock
Dow
and
the
S&P
500
notched
their
worst
sessions
since
September
2022.
The
Dow
dropped
1,033.99
points
to
end
2.6%
lower,
while
the
S&P
500
slid
3%.
The
Nasdaq
Composite
shed
3.43%
ending
15%
off
its
closing
high.
—CNBC’s
Hakyung
Kim,
John
Melloy
and
Sarah
Min
contributed
to
this
report.
