Japanese stocks fell after the latest U.S. jobs data raised concern over the world¡¯s largest economy. Banks and exporters led declines after the yen rallied against the dollar on speculation the Federal Reserve will cut rates.
The broader Topix Index and the blue-chip 225-issue Nikkei Stock Average pared some of their earlier losses Monday but closed down 1.1% and 1.2%, respectively, after falling over 2% in morning trade. The yen was trading at around ?147.70 Monday afternoon, after surging more than 2% on Friday.
The latest U.S. employment report showed the steepest downward revisions to jobs growth since the COVID-19 pandemic, with nonfarm payrolls being marked down by nearly 260,000 in May and June combined. The S&P 500 sank the most since May while the dollar snapped a six-day gain.
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