Asian equities tumble amid concerns about BOJ tightening monetary policy

Tokyo’s Nikkei closed sharply lower at 26,568.03 points, down 669.61 points, or -2.46%, as the yen strengthened after investors felt that the Bank of Japan’s (BOJ) change in monetary policy indicated that the BOJ was moving to a tighter monetary policy in line with central banks around the world. These have raised interest rates several times in recent years, but the BOJ has long maintained its ultra-low interest rate policy. The losers were Mitsubishi Motors Corp (-8.93%), Mitsui Fudosan (-5.79%), and Sumitomo Realty & Development Co (-5.49%). The winners were Dai-ichi Life+9.42%, T&D Holdings, Inc.+9.29%, and Concordia. Financial Group+7.79%.

In Australia, the S&P/ASX 200 closed down 109.60 points or -1.54% at 7,024.30 points, and the All Ordinaries closed down 121.40 points or -1.66% at 7,199.60 points, led by sharply falling mining stocks. The losers were Poinsbet Holdings-13.03%, Star Entertainment-9.43%, and Domain Australia-9.12%. The winners were Westgold Resources+13.25%, Perenti Global Ltd+4.17%, and Steadfast Group+2.06%.

The South Korea Composite Index (KOSPI) closed at 2,333.29 points, down 18.88 points or -0.80%, as investors worried about a global recession while the won strengthened against the U.S. dollar. The losers were Jayjun Co-9.38%, Pang Rim Spinn-7.72%, and Camus Engineering & Construction-7.50%. The winners were Jeju Bank+29.72%, Dongbang Trans+8.49%, and Pan-Pacific+4.59%.

China’s Shanghai Composite closed down 3,073.77 points, down 33.35 points or -1.07%, after Chinese authorities announced an increase in COVID-19 cases. The worst performers were Beijing E Hualu Info Tech (-18%), Great Wall Of Culture (-17.58%), and Tibet Duo Rui Pharmaceutical (-14.55%). The best performers were Inner Mongolia Furui Med Sci+20%, Essence Information Technology Co+19.95%, and Amethystium Storage Technology Co+16.93%.

The Hang Seng in Hong Kong closed down 258.01 points (-1.33%) at 19,094.80 points, in line with Asian stock markets after the Bank of Japan (BOJ) caused excitement in the global market. The latter surprised the market by allowing an increase in long-term interest rates. The worst performers were PF Holdings (-41.27%), DreamEast (-34.62%), and eprint (-31.43%). The best performers were Asia Resources (+81.25%), Hao Wen Holdings (+58.49%), and Ascletis Pharma (+53.47%).

In Thailand, the SET closed at 1,604.44 points, down 13.76 points or 0.85%. The losers were T. Krungthai Industries -11.63%, Waropakorn -11.30%, and Gratitude Infinite -9.88%. . The winners were Nation Group +20%, Steel Works +13.59%, and Jasmine Telecom Systems +11.24%.

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