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Nikkei Down -5% After Japan Announced a New Prime Minister

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Algo Research Team

Market | Sep 30, 2024 | Views: 146

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Key Summary:

  • Initial negative perception from investors
  • Political uncertainty given a snap election
  • Hawkish on interest rate & geopolitics

Japanese stock market saw heavy selling at the start of this week after the announcement of a new Prime Minister, Shigeru Ishiba. Nikkei 225 was down -5% on Monday led by property and exporter stocks, while Japanese Yen surged against USD by +1.8% to 142 on Friday last week.



The big narrative: Shigeru Ishiba, a 67-years-old former Defence and Agricultural Minister, has been nominated as the new Japanese Prime Minister and set to be inaugurated in 1st October 2024.

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