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Japan stocks dive 4,451 points, more than Black Monday in 1987
(asia.nikkei.com)
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this post was submitted on 05 Aug 2024
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Well, they announced a rate hike in Japan, so that would seem to be a more immediate cause.
In fact, there's some analysis that suggests that Japan's rate hike contributes to the dip in the other markets. Evidently it was a thing for people to borrow yen, use that to get other currencies, and then buy stock and sell the stock to repay the loans. Since the yen has climbed 14% versus the USD in the past few days, those loans suddenly became awfully expensive.