South Korea and Japan shares fell 2% after Powell’s speech

A pedestrian looks at stock prices for Japanese companies on the Tokyo Stock Exchange displayed on an electronic board in Tokyo on April 30, 2021.

Yuki Iwamura | AFP | Getty Images

Shares in the Asia-Pacific region were trading lower on Monday after Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Friday. beware of it Higher interest rates will cause ‘some pain’ for the US economysaying high interest rates are likely to persist “for some time”.

The Nikkei 225 In Japan it is down 2.9% and the Topix index is down 2.1%. South Korea Cosby The index fell 2.2 percent and the Kosdaq index fell 2.5 percent.

in Australia , S & P / ASX 200 It decreased by 2%.

MSCI’s broadest index of Asia Pacific shares outside Japan fell 0.9%, while the MSCI . index fell 0.9% Japanese Yen Trade at 138.27 USD.

On Friday in the United States, the Dow Jones Industrial Average fell 1,008 points, or 3.03%, to 3,2283.40 points. The S&P 500 fell 3.37% to 4057.66 and the Nasdaq Composite fell 3.94% to 12141.71.

“While high interest rates, slow growth, and weak labor market conditions will bring inflation down, they will cause some pain for households and businesses,” Powell said. “These are the unfortunate costs of lowering inflation. But failure to restore price stability will mean much more pain.”

He said the Fed’s decision in September “will depend on the entirety of incoming data and evolving expectations.”

Leave a Reply

Your email address will not be published. Required fields are marked *