The Asian markets have managed to make a remarkable comeback after what was deemed by many as a bloodbath at some of the most consequential indices on the largest continent.
One of the most pertinent indices in this part of the world, Japan's Nikkei, roared back with gains of over 8 per cent, almost recovering from the losses it incurred in the previous trading session. The benchmark index closed at 12.40 per cent or 4,451.28 points, closing at 31,458.42.
The day was no different for other indices in East Asia, as TOPIX, closed at 2,227.15, dropping by 12.23 per cent or 310.45 points.
Hong Kong-based Hang Seng also dropped, closing with a loss of 1.46 per cent or 247.15 points, at 16,698.36.
The new dawn also brought about a new beginning for the Asian indices, including the aforementioned Nikkei, which gained 7.14 per cent or 2,245.10 points, at 10:55 IST.
Another index based out of Tokyo, the TOPIX, was also trading in green, making major gains, although the gains tapered post-break, the index jumped 7.19 per cent or 160.06 points, climbing to 2,387.21.
Meanwhile, Hong Kong-based Hang Seng continued to have a bad day, as the index declined by 0.15 per cent or 25.09 points, slumping to 16,673.27.
Interestingly, Hang Seng was not alone, as the Shanghai-based SSE Composite also dropped by 0.36 per cent or 10.39 points declining to 2,850.31.
When it comes to another major index, the KOSPI Composite Index also witnessed a major rise. The Seoul-based index rose by 3.65 per cent or 89.19 points, climbing to 2,530.74.
One of the major reasons that has been sighted for yesterday's cataclysmic debacle is the sudden appreciation of the Japanese Yen against the US Dollar. The Japanese authorities reportedly sold a lot of its dollars to push the price up. The Japanese FM also held an emergency meeting today. One Japanese Yen currently stands at 145.83 against the US dollar.
