Japanese stocks fell after the latest U.S. jobs data raised concern over the world’s largest economy. Banks and exporters led declines after the yen rallied against the dollar on speculation the Federal Reserve will cut rates.
The broader Topix Index and the blue-chip 225-issue Nikkei Stock Average fell at least 2% in early trade, their largest intraday declines since April 11. The yen advanced 0.2% against the dollar before paring some gains to trade around ¥147.89 as of 10:30 a.m. The Japanese currency had surged more than 2% on Friday.
The latest U.S. employment report showed the steepest downward revisions to jobs growth since the COVID-19 pandemic, with nonfarm payrolls being marked down by nearly 260,000 in May and June combined. The S&P 500 sank the most since May while the dollar snapped a six-day gain.
