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China Fund News Amman

After experiencing the tragic "Black Monday", Japanese and South Korean stock markets staged a stunning reversal in early trading on Tuesday.

At the opening on August 6, the Nikkei 225 index opened high and continued to rise, with the increase expanding to more than 10%.

Among them, financial stocks such as Concordia Financial saw the biggest gains.

The main driver of the Nikkei index's strength was the shift in the foreign exchange market. As of press time, the yen weakened during the day, and the dollar rose more than 1% against the yen during the day, returning to above the 145 yen mark from below 142 yen per dollar earlier on Monday, approaching the closing level of last Friday.

Japanese and Korean index futures all halted

Before the opening of the Japanese stock market, Nikkei 225 index futures rose 8%, triggering a circuit breaker.

After the opening of Japanese stocks, the Nikkei 225 index continued to rise, and the Tokyo Stock Exchange Growth Market 250 Index futures were also suspended due to the circuit breaker mechanism.

At the same time, the Korea Stock Exchange Index (KOSDAQ) futures soared, triggering the "SIDECAR" suspension mechanism, and the programmatic trading buy orders were suspended for 5 minutes.

"The panic selling may be over and investors may buy back shares," said Hideyuki Ishiguro, chief strategist at Nomura Asset Management. "Nevertheless, today's price action could be a roller coaster ride as anxiety continues to rise in global markets."

"We believe Japanese stocks have already priced in a mild U.S. recession and a yen strengthening to 140 yen per dollar, with limited downside," Citigroup strategist Ryota Sakagami wrote in a research note. "However, we expect the turnaround in the recovery to take time and risk-off trades to dominate for now."

Editor: Captain

Review: Muyu

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