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Japan's Nikkei falls after Fed decision | Japan's Nikkei falls after Fed decision |
(about 1 hour later) | |
Japan's Nikkei index fell 2% as the yen strengthened against the dollar in the wake of the US Fed's decision not to raise interest rates. | |
The Nikkei 225 index closed down 2% at 18,070.21. The dollar fell against the yen following the Fed's decision, which hit shares in Japanese exporters. | |
Shares in Toyota and Honda dropped 1.4%, while Panasonic was 2.1% lower. | |
A stronger yen against the dollar affects exporters, as it makes their goods more expensive to sell overseas. | |
The US Fed's decision to hold rates also renewed concerns about the strength of the global economy. | |
The Federal Reserve said worries over the global economy, particularly China, had influenced its decision not to raise rates. | The Federal Reserve said worries over the global economy, particularly China, had influenced its decision not to raise rates. |
US shares saw choppy trade after the decision, with both the Dow Jones and S&P 500 closing lower. | US shares saw choppy trade after the decision, with both the Dow Jones and S&P 500 closing lower. |
Angus Nicholson, market analyst at trading firm IG, said the Fed's decision to hold rates could influence other central banks to ease further. | Angus Nicholson, market analyst at trading firm IG, said the Fed's decision to hold rates could influence other central banks to ease further. |
"It is a telling sign for how much the global outlook has deteriorated in the past few months, with the likelihood for even an October hike now sitting at 19.2%," he said. | "It is a telling sign for how much the global outlook has deteriorated in the past few months, with the likelihood for even an October hike now sitting at 19.2%," he said. |
China's home prices | China's home prices |
Chinese shares were mixed after government data showed that property prices had shown some signs of recovery. | Chinese shares were mixed after government data showed that property prices had shown some signs of recovery. |
New home prices rose for a fourth consecutive month in August, up 0.3% from the previous month, but were down 2.3% from a year ago. | New home prices rose for a fourth consecutive month in August, up 0.3% from the previous month, but were down 2.3% from a year ago. |
The property sector accounts for 15% of China's economic growth, so even minimal gains have a positive impact on the world's second largest economy. | The property sector accounts for 15% of China's economic growth, so even minimal gains have a positive impact on the world's second largest economy. |
The Shanghai Composite index ended 0.4% higher at 3,097.92, while Hong Kong's Hang Seng index closed up 0.3% at 21,920.83. | |
In Australia, the S&P/ASX 200 index erased earlier losses to end up 0.6% at 5,178.50. | In Australia, the S&P/ASX 200 index erased earlier losses to end up 0.6% at 5,178.50. |
South Korea's benchmark Kospi index finished 1% higher at 1,995.95. | South Korea's benchmark Kospi index finished 1% higher at 1,995.95. |