Japan’s Nikkei has accelerated its losses and fell 6.4% today. It has officially entered a bear market after dropping 20% since May 22.
"In my personal opinion, this is deep consolidation phase. I would expect that that's going to continue for another 3-4 weeks but afterwards I do think earnings visibility in Japan is going to pull shares higher again," said Jesper Koll, managing director at JP Morgan Securities.
However, the Philippines Stock Exchange PSEi Index top Japan’s losses with a 6.8% plunge today of its own. The PSEI Index is down 17% from its May 15 high.
Thailand and Indonesia are also suffering, The Stock Exchange of Thailand SET Index has dropped 15% since peaking on May 21, while Indonesia’s Jakarta Stock Exchange Composite Index has fallen 12% since topping out on May 20.
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