Japanese stocks plummeted on Wednesday, tracking US market declines, as disappointing technology earnings overshadowed a yen rally to a six-week high ahead of a potential rate hike at next week’s central bank meeting.
The Nikkei 225 dropped 1.11%, or 439.54 points, to 39,154.85.
Traders had hoped tech earnings would extend the global stock rally, but Alphabet’s cautious stance on AI progress and Tesla’s profit miss, along with a delay in its Robotaxi event, drove declines.
Meanwhile, the yen rose to 155.25 per dollar, its highest since June 7, following a nearly 1% gain on Tuesday.
The currency was near a 38-year low of 161.96 at the start of the month, with speculation that Tokyo intervened early in July, potentially spending about 6 trillion yen to stabilize it.
Source : MT Newswires
