Asian shares retreated on Wednesday, echoing a broad decline on Wall Street and driven by worries about how the war in Ukraine may push prices for oil and...
TOKYO — Asian shares retreated on Wednesday, echoing a broad decline on Wall Street and driven by worries about how the war in Ukraine may push prices for oil and other commodities higher.
Tokyo’s benchmark rose after Prime Minister Fumio Kishida announced measures to help poor families and small businesses as the nation copes with rising prices and a weakening currency.The Bank of Japan is holding a two-day policy board meeting. The central bank has sent a clear message about keeping interest rates ultra-low to help encourage spending and investment and has bought Japanese government bonds periodically, aiming to keep 10-year-bond yields within a range of plus or minus 0.25%.
So are the ramifications of the war in Ukraine, which apart from the risks of broader conflict has pushed already inflated prices for many commodities and goods still higher, complicating the economic outlook and posing hardships for many businesses and consumers. The tech-heavy Nasdaq COMP bore the brunt of the day’s losses. It tumbled 4%, to 12,490.74, its worst drop since Sept. 8, 2020. The index is now down 20% this year as investors shun the ultra-pricey tech sector, which made gangbuster gains for much of the pandemic.
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