Hong Kong/London CNN —Japanese shares soared Tuesday, clawing back some of their record losses from the previous day and underpinning a tentative recovery on global markets.
Markets around the world plunged during Monday’s session when a combination of fears about a slowing US economy, rising Japanese interest rates and crumbling tech stocks combined to trigger a meltdown.
The bounce in Japan is “typical after a market crash,” Neil Newman, head of strategy at Astris Advisory in Tokyo, told CNN.
“It is too early to conclude that the Japanese stock market has hit a bottom,” they said, adding that any recovery would likely only occur after Japanese companies report first-half earnings in October, or even after the US presidential election in November.
A stronger yenJapan’s stock market, in particular, was hard-hit by the rapid appreciation of the yen, which undermines the export competitiveness of the country’s manufacturers.
Persons:
clawing, Kospi, ” Neil Newman, ”, “, Stephen Innes, ” Newman, Newman, Fumio Kishida
Organizations:
London CNN, Nikkei, Nasdaq, Advisory, CNN, UBS Chief Investment, Moody’s, Bank of Japan, Management, Tokyo “, Traders, Reuters
Locations:
Hong Kong, London, Asia, South, Taiwan, Europe, Japan, Tokyo, South Korea
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