Japan shares dive amid export data
On Monday, stocks in Japan went down as market participants focused on meetings between G7 finance ministers as well as major bank chiefs, while in China stocks grew following indications that regulators are ready to limint new stocks coming to the market.
The Nikkei Stock Average dipped 0.5% on disagreement between Japan and the USA over the BOJ’s intention to intervene in the Japanese yen’s recent surge.
As for other Asian stocks, the Shanghai Composite Index surged 0.5%, Australian S&P ASX 200 sagged 0.2%, the Hang Seng Index edged up 0.3% and Korean Kospi surged 0.4%.
The probability of higher American interest rates appears to be at the top of traders’ list of great concerns. Last week, expectations that the Fed could tighten already in June had edged up.
However, market participants in the region are also vigorously monitoring the G-7 gatherings this week in Japan. Statesmen there have yet to come to a long-awaited agreement on how to handle slack in the global economy.