(Bloomberg) — Japanese stocks plunged for a second day on expectations for further monetary tightening in the country, exacerbating a global selloff following weak US economic data and tech earnings.
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The Topix index fell as much as 5.7%, the most since 2020, as the yen traded near its strongest since March to weigh on Japan’s export-oriented economy. Shares also dropped across Asia from South Korea to Hong Kong, with AI chipmaker SK Hynix Inc. tumbling 8.7%.
The MSCI Asia Pacific Index declined nearly 3%, the most in over two years. US stock futures extended losses in Asia too.
Meantime, Treasuries extended a rally in Asia, with the policy-sensitive two-year yields touching a 14-month low amid increased bets on rate cuts by the Federal Reserve following the central bank’s policy meeting on Wednesday. Swaps traders raised the number of reductions this year to…
