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Asian Market Fell Due To Loss In The US Market

Asian Market Fell Due To Loss In The US Market

A payroll increase led to fear of a rate hike and Monday's market "adjustment", he said, "but there's no significant concerns about the fundamentals of the USA economy".

Shares are taking a beating in Asia after the biggest drop in the Dow Jones industrial average in six and a half years.

TOKYO stocks plunged more than 4% in opening trade today with investor sentiment hit by a sell-off on Wall Street and the yen's surge against the dollar.

Other major markets in retreat included Hong Kong's Hang Seng index, which sank 1.1%. The dollar weakened to 108.81 Japanese yen.

Top Japanese officials moved to downplay concerns on the trading floor on Tuesday.

The declines were led by Japan's Nikkei which took one of its steepest dives since the 1990s before recovering to close down 4.7 percent. A short time later, the index was down 6.5 percent at 21,205.03.

Toshimitsu Motegi, an economy minister, said he was watching market movements closely but that the economy was stable and improving. Dow futures were swinging wildly.

The Dow Jones Industrial Average saw its steepest ever one-day point drop, wiping 4.6 per cent off the value of America's 30 largest companies to finish at 24,345.75, havingat one point plummeted almost 1,600 points to a low of 23,923.88.

The Nikkei 225 fell the most since 2015 and trading volume was more than double the 30-day average.

In Europe, the British FTSE 100 index fell 2.4 percent while the CAC 40 in France fell 2.8 percent and Germany's DAX was down 2.7 percent.

Those sharp falls came after a brutal trading session in US markets on Monday.

Trading was choppy in the early going Tuesday, likely to be one of the most watched days on the markets in years.

Sony lost 4.0 percent to 5,345 yen and Nintendo plunged 4.60 percent to 44,750 yen.

The Dow is down 8.5 percent from the record high it hit in late January.

Concerns were reignited that higher inflation in the USA will lead to a hike in interest rates which would harm markets reliant on the central bank's stimulus measures. Still, risk-averse players' buying of the yen as a safe-haven currency gathered stream as the Nikkei's drop exceeded 1,000 points, a foreign exchange broker said.

The Dow ended at 24,345.

"Selling accelerated as Dow futures extended declines during Tokyo trading hours and concerns grew that USA equities will continue to fall tonight", Makoto Sengoku, a market analyst at the Tokai Tokyo Research Institute, was quoted as saying. The Nasdaq composite was little changed at 6,968.

The 10-year U.S. Treasuries yield rose to as high as 2.885 percent on Monday, its highest in four years and 47 basis points higher than the 2.411 percent seen at the end of 2017.

It follows a day of heavy losses on Wall Street, which saw the Dow Jones Industrial Average, an index of 30 major United States corporations, close at 24,346.13, down 4.6 percent. "It is now up 187 points so we are back up today".

There are signs of a reprieve in the global market sell-off. It was down 872, or 3.4 percent, to 24,651.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan slid 3.4 percent. "The only thing that is really different is that bond yields got up to 2.8 per cent".

USA stocks are lower at midday as banks fall following more punitive action against Wells Fargo.

Monday's decline coincided with the installation of a new chairman of the Federal Reserve - Jerome Powell.

Still, it was far below its 2016 peak just above 10 percent, when low oil prices hurt energy firms. Exxon Mobil fell 3.5 percent. Stocks fell sharply on Friday as traders anxious about inflation and rising interest rates.

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