Tokyo, Japan – September 30, 2024 – Japanese stocks are anticipated to decline sharply after Shigeru Ishiba's unexpected victory in the ruling party's leadership race, which has raised concerns over potential interest rate hikes.
The Nikkei 225 Stock Average futures were reported at 37,785 as of 7:09 a.m. local time on the Chicago Mercantile Exchange, suggesting a possible drop of approximately 5% for the underlying benchmark. Additionally, the Japanese yen weakened by 0.2%, trading at 142.53 per dollar, following a surge of about 1.8% on Friday. Ten-year bond futures also fell by 0.54 to 144.68.
This political shift could lead to significant economic implications as investors brace for changes in monetary policy that might affect global markets.
Source: Bloomberg