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Wall Street woke up to grim news on Thursday morning (today) – overnight the Japanese stock market, as measured by the Nikkei index, lost a stunning 7.3%.
The shock waves were felt in stock markets throughout Asia and Europe, and caused the Dow Jones Industrial Average to shed 100 points in early trading.
Analysts blamed a combination of poor Chinese manufacturing data and mixed messages from the U.S Federal Reserve Wednesday about when it might slow its monetary easing, which caused Japanese 10-year bonds to briefly rise above 1% for the first time in a year.
But those factors "just added fuel to the fire," said Money Morning Chief Investment Strategist Keith Fitz-Gerald, explaining that there's far more lurking behind this plunge in the Japanese stock market.
About the Author
Dave has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.