Japanese markets report worst fall since 2020

Japanese markets suffered their biggest losses since 2020 on concerns over rising interest rates.

The Nikkei average plunged 5.81 percent to 35,909.70, registering its second-largest point drop in history as technology stocks suffered heavy losses and a strengthening yen clouded the outlook for the country's exporters.

The broader Topix index closed 6.14 percent lower at 2,537.60 amid across the board selling.

The monetary base in Japan was up 1.0 percent on year in July, the Bank of Japan said on Friday exceeding expectations for a gain of 0.9 percent and accelerating from 0.6 percent in June. Current account balances rose an annual 1.5 percent, including a 3.6 percent jump in reserve balances.

 

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