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Wednesday, Aug 7
Fed tapering remarks spark rout in Japanese shares
- Japanese shares (DXJ) drop 4% and lead Asian stocks lower after two Fed policy makers, including the dovish Charles Evans, said the U.S. central bank could start tapering as early as next month.
- The remarks sent the dollar lower against the yen, which in turn helped drag down the Nikkei. The USD-JPY (FXY) is now -0.8% at ¥96.98.
- Other Asian bourses were also hit, with Hong Kong -1.5%, China -0.7% and India -0.1%.