July 7, 2022

Major markets in Japan, South Korea and Taiwan fell at least 2% each

Major markets in Japan, South Korea and Taiwan fell at least 2% each

SINGAPORE – Shares in Asia fell on Monday, with major markets in the region seeing sharp losses of more than 2% amid a sell-off in the technology sector.

The Nikkei 225 In Japan fell 2.8%, the conglomerate shares SoftBank Group slippage of more than 4%. The Topix index fell 2.2 percent.

South Korea Cosby It fell 2.8% led by technology stocks like Samsung Electronics which fell 2.04% while Kakao dropped 3.62%. in Taiwan, Tikes decreased by 2.3% in TSMC The stock fell 2.26%.

MSCI’s broadest index of Asia Pacific shares outside Japan traded more than 2% lower.

The losses in Asia came as US Treasury yields rose in the morning of Asian trading hours. The benchmark 10-year Treasury yield rose to 3.1892% while the 2-year Treasury yield rose to 3.1464%.

Markets in Australia are closed on Monday for a holiday.

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Later this week, a slew of Chinese economic data including industrial production and retail sales for May will be released on Wednesday.

The Federal Reserve is also expected to announce its interest rate decision later this week. It comes next Hottest-than-expected US inflation data to be released on Friday.

Dollar-yen approaches 135

The Japanese Yen It traded at 134.88 per dollar, off the 135 level after weakening from levels below 132 against the dollar last week.

The US dollar indexwhich measures the US currency against a basket of other currencies, was at 104.525 after breaking through the 104 level recently.

The Australian dollar It was at $0.7009 after falling from above $0.72 last week.

Oil prices were lower in the morning of Asian trading hours, with the international standard Brent crude futures contracts By 1.4% to $120.3 a barrel. US crude futures contracts It fell 1.42% to $118.97 a barrel.