September 28, 2022

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Shares in Japan, South Korea and Australia fell 2% after Powell's speech

Shares in Japan, South Korea and Australia fell 2% after Powell’s speech

A pedestrian looks at stock prices for Japanese companies on the Tokyo Stock Exchange displayed on an electronic board in Tokyo on April 30, 2021.

Yuki Iwamura | AFP | Getty Images

Shares in the Asia-Pacific region were trading lower on Monday after Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Friday. beware of it Higher interest rates will cause ‘some pain’ for the US economysaying the high interest rates are likely to persist “for some time”.

The Nikkei 225 In Japan it is down 2.58% and Topix is ​​down 1.7%. South Korea Cosby The KOSDAQ Index is down 2.10% and down 2.54%.

in Australia , S & P / ASX 200 It fell 1.97%.

Mainland China Shanghai boat It fell 0.11% after recovering slightly, and Shenzhen Component It lost 0.49%.

Hong Kong Hang Seng Index It slipped 0.6% and Hang Seng Tech fell 1.01%.

MSCI’s broadest index of Asia Pacific shares outside Japan fell 1.93%, while the MSCI Japanese Yen Trade at 138.84 USD.

On Friday in the United States, the Dow Jones Industrial Average fell 1,008 points, or 3.03%, to 3,2283.40 points. The S&P 500 fell 3.37% to 4057.66 and the Nasdaq Composite fell 3.94% to 12141.71.

“While high interest rates, slow growth, and weak labor market conditions will bring inflation down, they will cause some pain for households and businesses,” Powell said. “These are the unfortunate costs of lowering inflation. But failure to restore price stability will mean much more pain.”

He said the Fed’s September decision “will depend on the entirety of incoming data and evolving expectations.”

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