Japan’s Nikkei 225 and the broad-based Topix climbed more than 10%. The Reserve Bank of Australia will release its RBA cash rate later today, with economists expecting the rate to remain steady at 4.35%. The upscale shopping district of Ginza in Tokyo, Japan, on Saturday, May 4, 2024. Bloomberg | Bloomberg | Getty Images
Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. Other Asia-Pacific markets were also higher.
Japan’s Nikkei 225 — which saw its largest loss in the previous session since the 1987 Black Monday crash — and the broad-based Topix gained over 10%.
The Bank of Japan raising rates to their highest level since 2008 on July 30 caused the yen to strengthen to a seven-month high, pressurizing stocks.
Markets globally were also spooked by fears of a U.S. recession stoked by a weaker-than-expected jobs report.
Japan’s heavyweight trading houses all saw rebounds of over 8%, with Marubeni up over 12%. Softbank Group Corp jumped almost 10%.
Other sectors that saw gains also