December 6, 2022

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Stocks fell, and the Japanese yen approached 150 against the dollar

Stocks fell, and the Japanese yen approached 150 against the dollar

An employee working for the Tokyo Stock Exchange (TSE), operated by the Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, January 13, 2022.

Toru Hanai | Bloomberg via Getty Images

Shares in the Asia-Pacific region traded lower on Thursday as economic concerns weighed.

The Hang Seng Index In Hong Kong it is down 2.42% after falling briefly by 3%, hitting its lowest level since May 2009. Hang Seng Tech is down 3.42% in the lunch break.

Kelvin Tay, UBS’s chief regional investment officer, said the sharp drop in Hong Kong markets was due to the “unprecedented government silence on key economic indicators”.

“This is largely due to concerns about the economic outlook and the escalation of COVID-19 cases in the middle of the party congress in Beijing,” he said.

The Maritime yuan It strengthened more than 0.2% to 7.2513 per dollar After Bloomberg reported that officials are discussing reducing the COVID-19 quarantine to 7 days from 10 days. The currency touched a record low against the US dollar overnight, falling to 7.2745 against the dollar.

Mainland China markets fell as the lunch break approached. The Shanghai boat 0.39% Shenzhen Component It decreased by 0.602%.

in Japan , Nikkei 225 It lost 1.38% and the Topix fell 0.91%. The Japanese Yen It reached a new 32-year low of 149.95 against the dollar. The S & P / ASX 200 In Australia it fell 1.35%.

South Korea Cosby The KOSDAQ Index is down 1.6% and the KOSDAQ Index is down 2.11%. MSCI’s broadest index of Asia Pacific shares outside Japan fell 1.72%.

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US stocks fell as Treasury yields rose on Wednesday in the US, with the Standard return for 10 years It touched 4.138%, the highest level since July 23, 2008.

The Nasdaq Composite fell 0.85% to close at 10,680.51, while the S&P 500 fell 0.67% to 3,695.16. The Dow Jones Industrial Average lost 99.99 points, or 0.33%, to end the day at 30,423.81.

CNBC’s Cherie Kang, Jesse Pound and Tanya Machel contributed to this report.