Today, we keep track of the developments in the Asian market. We saw good recoveries from the Japanese and Korean stock markets. The Nikkei index in Japan even saw the best day since October 2008. However, the big question is, how is the Asian market reacting today?
That’s why we take a look at today’s reaction to the Asian market. Did the uptrend continue, or was that short-lived? Here’s an update on the major Asian markets. We also published updates about the Middle Eastern and US markets yesterday.
The Japanese Market
Well, let’s start with some good news. The Nikkei Index keeps moving up. It closed yesterday with over 10% upside. Today it is up by 2.57% at the moment of writing.
Furthermore, the BOJ deputy governor Uchida made a statement. He made a speech at a meeting with local leaders in Hakodate. You can read the full speech here. In a much shorter version, this is what he had to say.
- As a result of market volatility, their interest rate can change. However, currently, it remains at 0.25%. This change depends on various factors. For example, their view on risks and economic forecasts.
- When markets are unstable, they won’t hike rates.
- He believes that the US will have a soft landing.
So, this seems all positive. Their interest hike on the Yen started the unwinding of the carry trade. This seemed to be at the root of the worldwide financial meltdown last Monday. Below are the current state of the major Asian market players and their indexes.
Source: CNN
The Korean Market
In South Korea, we also notice that the upward trend continues. The KOSPI Index is up by 2.30% at the time of writing. So, the recoveries aren’t as drastic as yesterday but seem to be smaller and steady today. Yesterday, the KOSPI closed being 3.30% up.
South Korea has a thriving chip manufacturing market. For example, according to Trading Economics, Samsung Electronics is up by 2.6% today. Other samples are, Samsung Biologics being up by 3.8%, Celltrion by 9.7%, and KB Financial by 0.8%. Celltrion is a biopharmaceutical company. South Korea also has the highest account surplus since September 2017. In other words, Korea has a positive balance in exports and incoming payments. This is compared to imports and outgoing payments to other countries. See the picture of the current KOSPI Index below.
Source: Money Control
Other Markets in the Asian Market
Other major markets in the Asian market are also up or remained flat. For example,
- Taiwan is up by 3.74%. That’s similar to yesterday.
- Hong Kong’s Hang Seng Index is up by 1.28%. This market remains flat.
- China also sees a flat market with almost no movement.
To sum up, the Asian market is standing its ground for the second day in a row. Later today, we will also have updates about the Middle Eastern and US developments.
Disclaimer
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