China contagion sends Tokyo stocks plunging
Investors begin turning to bond markets for safety, forcing down yields
Tokyo
FEARS of the financial and economic fallout from China's continuing stockmarket plunge caused Tokyo stocks to tumble by more than 3 per cent to a two-month low on Wednesday as investors began to grasp the full implications for Japan of the rout in Shanghai stocks.
While not a "perfect storm", the simultaneous impact of the renewed Greek crisis and the market fall in China amounts to a very damaging conjunction of events for global markets, analysts said. With Asian shares generally falling to a 11/2-year low on Wednesday as the drop in China stocks showed no sign of easing, despite official attempts to shore up the market, investors began turning to bond markets for safety, forcing down yields in Japan and elsewhere.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
TikTok places ByteDance founder among China moguls in Singapore
US will halt artillery supplies to Israel if it attacks Rafah: Biden
Gen Z is relying on debt more than Millennials did at this age
Trade association survey shows 79% of US biotech companies have contracts with Chinese firms
Hong Kong woos Saudi money in attempt to revive stock market
Squeeze on UK job market eases in April, recruiters say