TOKYO (AP) – Stock markets in Asia fell sharply on Monday. Investors have responded to reports that the United States is considering a boycott of Russia’s oil and gas. Crude oil prices have risen sharply since 2008.
Brent oil was up 8.6 percent at $ 125.47 a barrel and US oil was up 9.4 percent at $ 129.21. Since Russia’s occupation of Ukraine, oil prices have risen by more than a third.
In Tokyo, the Nikkei fell 2.9 percent to close at 25,211.41 points. This is the lowest level since the end of 2020. Japanese oil company Inpex rose more than 7 percent after rising oil prices. Japanese automakers Suzuki (down 8.4 percent) and Isuzu Motors (down 9.1 percent) lost significantly.
Hino Motors, part of Toyota’s truck maker, has claimed that it made incorrect emission data and found problems with engine performance. It has stopped selling three model engines and the vehicles that use them. Hino lost almost 17 percent.
Chinese export figures were hidden. Exports in January and February increased by 16.3 per cent against the dollar over the previous year. This is generally higher than researchers expected. The Chinese government announced on Saturday that it is targeting 5.5 percent economic growth by 2022. This is the lowest percentage in more than thirty years.
The Chinese yuan rose all time against its key trading allies on Monday. Currency markets are also reacting strongly to the Ukraine war and Western sanctions. The value of the euro has fallen sharply.
The Shanghai Stock Exchange lost 1.8 percent and the Hong Kong Sheng Index lost 3.2 percent. Gosby in Seoul fell 2.1 percent and all Ordinary in Sydney fell 1 percent.
“Passionate analyst. Thinker. Devoted twitter evangelist. Wannabe music specialist.”