Japanese shares bounce back after biggest sell-off since 1987 Black Monday rout
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Japanese stocks rebounded sharply on Tuesday, clawing back most of the double-digit losses suffered the previous day as comments from the U.S. Fed and data gave investors pause in their concerns over recession and equity valuations. The Nikkei's rally, after the market's biggest single day rout since the 1987 Black Monday sell-off, came as the yen reversed its gains, indicating the carnage in yen-funded global carry trades too was easing. In a turbulent day of trading, the Nikkei was up 8% at 33,975.53 as of 0516 GMT, after plunging 12.4% on Monday. The index was last up 2,623.1 points, having earlier jumped more than 3,000 points to surpass its largest intraday points gain on record. The broader Topix was up 7.5% at 2,394.33. Investors had been shaken by last week's plunge in global stock markets, U.S. recession risks, and worries investments funded by a cheap yen were being unwound, triggering a sell-off in Japanese equiti...