Japanese stocks decline as global central bank action accelerates global equities
Japanese stocks declined with U.S. futures surrendering gains on Tuesday after a wave of interest on central banks taking action to bolster the economy resulted in an acceleration of global equities.
The Australian Dollar rose despite the country’s central bank slashing its benchmark rate by a quarter point. The Japanese Yen also went up by 0.5% to 107.78/USD. Chinese and Korean stocks held steady, slightly easing up by 0.8% and 1.5% respectively. Meanwhile oil prices extended its Monday rally with the West Texas Intermediate crude seeing a rise by 2.4% to $47.87 per barrel. Gold had also inched up by 0.6%.
Major central banks have recently promised to take appropriate actions to confront the piling risks caused by the coronavirus outbreak that have disrupted global economy and supply chains. The Organisation for Economic Co-operation and Development (OECD) has warned that economic growth may decline to a position that hasn’t been observed in almost a decade.