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<Asia>Nikkei Evaporates 2,216 pts/ 5.8% for 2nd Largest Crash in History; Nomura Sees Hedge Funds Shorting JP Mkt Strongly
Major stock markets in the Asia-Pacific region were under pressure comprehensively this morning (2 Aug). UBS expected the Bank of Japan (BOJ) to raise interest rates by another 25 ...
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<Asia>Nikkei Evaporates 2,216 pts/ 5.8% for 2nd Largest Crash in History; Nomura Sees Hedge Funds Shorting JP Mkt Strongly
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Major stock markets in the Asia-Pacific region were under pressure comprehensively this morning (2 Aug). UBS expected the Bank of Japan (BOJ) to raise interest rates by another 25 bps to 0.5% in October 2024, while Goldman Sachs forecasted the BOJ to raise interest rates by another 25 bps to 0.5% in January 2025. USD/JPY inclined 0.2% to 149.04 in the Asian session, while 100JPY/HKD printed at 5.238.

The Nikkei index plunged through 38,000, 37,000 and 36,000 in a row today, dragged down by the sharp decline of the US chip industry. Nikkei opened lower this morning by 682 points, and the crack continued to widen. It closed crashing 2,216 points or 5.8% to 35,909, near the day low, and is the lowest closing low in more than half a year.

The index collapsed for the second consecutive day, with a cumulative drop of 3,192 points, or 8.2%. Today's crash is the second largest in Nikkei's history, second only to the "Black Monday" in October 1987, when it evaporated 3,836 points in a single day. For the week as a whole, the Nikkei crumpled 1,757 points, or 4.7%.

Semiconductor-related stocks were dealt a heavy blow. Advantest and Renesas Electronics plunged 8-8.5%, while Socionext, Sumco, SCREEN and Tokyo Electron cratered 12-13.5%.

Major financial stocks were devastated, with Resona Holdings, Sumitomo Mitsui, Mizuho, Mitsubishi UFJ and Nomura crashing 10.8% to 12.1%. Daiwa Securities plummeted 18.9%.

Heavyweights and popular stocks were also sold off. Sony, TEPCO and Rakuten retreated 5.8% to 7.7%, as Softbank and TDK crumpled 8% to 8.4%. NTT and Fast Retailing dropped just 1.9% each. Major car stocks Toyota, Honda, Nissan and Mitsubishi Motors submerged 3.4% to 6.9%.

Yoshitaka Suda, quantitative analyst at Nomura, said speculative funds have stepped up their short-selling of Japanese stocks this morning, especially in the futures market, while they are also buying US stocks. He found the magnitude of the macro hedge-funds' selloff shocking. Furthermore, the speculation is also driven by the divergence in monetary policy direction between the BOJ and central banks of the US and Europe, while the appreciation of JPY also exacerbated the downtrend in the stock market.

Nicholas Smith, Japan equity strategist at CLSA, commented that global markets are in a panic as investors worry too much about where interest rates are going, with stocks, which have risen the most so far this year, the hardest hit. However, Japanese corporate guidance and market forecasts have been revised upwards and earnings have been modestly better than expected. He said BOJ's confidence in the economy led it to raise interest rates at the end of last month and to signal further rate hikes.

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