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The Japanese Central Bank raised interest rate by 1/4%, igniting a Japanese stock market meltdown.
Last week, global stock markets experienced one of the most tumultuous trading week in history. It started when the Bank of Japan suddenly raised interest rate by 1/4%, ending a de...
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The Japanese Central Bank raised interest rate by 1/4%, igniting a Japanese stock market meltdown.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
Last week, global stock markets experienced one of the most tumultuous trading week in history. It started when the Bank of Japan suddenly raised interest rate by 1/4%, ending a decade-long practice of zero interest rate. The end of the zero interest rate caused a cascade of cut-loss sell-offs. Speculators have been borrowing vast amounts of Yen and used the proceeds to buy US dollars and earn the interest rate difference. The practice is called Carry-trade. Speculators have enjoyed the free lunch for so long that once the Bank of Japan ended its zero interest rate policy, they have to cover their losses by buying back Yen to square their positions. The buying of Yen caused the exchange rate of the Yen to appreciate further vs the US dollar, causing more trading losses. The Tokyo stocks market crashed on Monday. Nikkei crashed 4451 points, its largest fall in decades. The crash in Nikkei caused other markets to follow suit. Hang Seng index fell 247 points on Monday and 51 points on Tuesday. H share index fell 98 points on Monday and 24 points on Tuesday. Technology index lost 46 points on Monday but rose 3 point on Tuesday. Then the market seemed to have recovered from the Japanese shock. Hang Seng index rose 230 points on Wednesday and 198 points on Thursday. H share index rose 80 points on Wednesday and 76 points on Thursday. Technology index rose 39 points on Wednesday and 70 points on Thursday.

The turning point happened on Thursday when the US Labor Department announced July first unemployment claims were lower than expected. The news eased the market’s worry that the US was entering a recession. US markets rebounded. Dow Jones rose 683 points. S & P rose 120 points and Nasdaq rose 460 points. The market maintained the momentum on Friday. Hang Seng index rose 198 points. H share index rose 76 points and Technology index rose 70 points. Dow Jones rose 51 points. S & P rose 25 points and Nasdaq rose 85 points.

The market is expected to continue its recovery from market shocks of last week. We look forward for the market to rise again this week.  
 
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