Japanese Stock Market Records 6 Day Losing Streak

The Nikkei stock index tumbled by more than 2 percent Tuesday as investors remained jittery over China’s economic outlook, extending its new year losing streak to a record sixth day.

The 225-issue Nikkei Stock Average ended down 479.00 points, or 2.71 percent, from Friday at 17,218.96, a roughly three-month low. Tokyo markets were closed Monday for a public holiday. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 45.37 points, or 3.13 percent, lower at 1,401.95.

Every industry category on the main section declined, led by mining, oil and coal products, and shipping issues.

Tokyo stocks continued to slide throughout the day after opening lower in the morning, as market angst over China showed no signs of subsiding.

Shanghai stocks, which shed 5 percent Monday, moved intermittently between positive and negative territory after opening higher.

“Investors are worried not only about China but about slowing growth in the world’s emerging economies in general and the potential fallout on these economies from further U.S. interest rate hikes,” said Yutaka Miura, senior technical analyst at Mizuho Securities Co.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza