🚨🚨😳😳EMERGENCY ALERT😳😳🚨🚨

Japanese Stock Market Takes a Hit Amid Political Uncertainty

The Japanese stock market has once again faced turbulence, this time triggered by significant political news. Surprisingly, the currency market hasn't followed suit, with some currencies continuing to rise slightly. However, there's concern that this uptick might be short-lived, potentially leading to a sharp downturn.

Big news out of Japan: Prime Minister Fumio Kishida has announced his resignation, leading to a significant drop in Japanese stocks and a rapid strengthening of the yen. Kishida stated that he needs to present a new image for the Liberal Democratic Party in the upcoming leadership election and will not seek re-election. He expressed full support for the next leader, but emphasized the need to resign first.

Shoki Omori, chief counter strategist at Mizuho Securities, commented, "The market suggests that Japanese politics may become more uncertain. Investors, particularly those involved in riskier assets like stocks, are unlikely to welcome this ambiguity."

As a result, the Nikkei 225 index reversed its earlier gains, dropping 0.2%. The yen strengthened significantly, with the latest USD/JPY exchange rate at 146.185.

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