The shares in Asia-Pacific were lower in Friday morning trade, following steep declines on Wall Street as investors ponder the possibility of aggressive monetary policy tightening leading to a recession.
In Japan, the Topix index shed 2%. South Korea's Kospi fell.
The Hang Seng index fell in Hong Kong. The Shenzhen Component was down 0.639% while the mainland China's Shanghai Component was down 1.55%.
The S&P/ASX 200 fell in Australia. The Straits Times fell in Singapore.
Whereas the markets are saying that central banks have to do more to control inflation, the more the central banks do to control inflation, the more they shock the markets.
The broadest index of Asia-Pacific shares was down.
The S&P 500 dropped 3% to 3,666.77. The index fell as much as 2.5% to 29,927.07. The index fell 4% to 10,609.10.
The monetary policy statement from the Bank of Japan is scheduled to be released on Tuesday. On Friday.
Joseph Capurso, head of international economics at Commonwealth Bank of Australia, wrote that he did not think the BoJ would dump its 0.0% yield target on the ten year Japanese government bond.
The BoJ's monetary policy is likely to be kept unchanged, which will lead to a correction in swap rates and yields.
The Japanese currency traded at 133.11 per dollar, still stronger than it was earlier in the week.
The U.S. Federal Reserve, Bank of England, and Swiss National Bank all raised their rates this week.
The markets are saying that central banks need to do more to control inflation, but the more they do, the more shocks the markets. David Roche, president and global strategist at Independent Strategy, told CNBC on Friday that you are currently in that state.
The US dollar index, which tracks the greenback against a basket of its peers, was at 104.055, down from levels above 105.
The Australian dollar changed hands at a lower rate than before.
The price of oil was lower in the morning of Asian trading hours. The price of U.S. crude fell to $116.23 per barrel.
All Rights Reserved © 2024
