Asia-Pacific stock market encounters "Black Tuesday"

Securities Times reporter Wu Jiaming this report in spite of the BoJ's second consecutive month of upward Economic assessment, the Japanese stock market tumbled 2.9% per cent and other markets in the region tumbled as the overnight US stock market plunged. Yesterday, the BOJ decided to keep the benchmark rate unchanged at 0.1%.　　The BOJ is also more optimistic about the current overall economic situation in Japan, the Japanese economy has started to stabilise after a "significant deterioration", with exports and production beginning to reverse the decline and public sector investment increasing, but it remains cautious about the economy's good sustainability. Shirakawa, the BoJ governor, said after the meeting that the rally in Japanese bond yields reflected the market's expectations of a bottoming out of the economy. Although the domestic enterprise financing situation has improved, but the enterprise survival environment is still grim, the economic outlook is very high uncertainty, the BOJ still needs to closely monitor market dynamics.　　For the "Exit strategy" presented earlier at the meeting of the Finance ministers of the eight countries, Shirakawa said the "exit strategy" would depend on market and economic conditions, and that the BoJ would decide how to exit from unconventional policies, including direct purchases of commercial paper, by the end of September, as too long such measures would distort market patterns. Shares in the Asia-Pacific region tumbled yesterday as stocks tumbled. The Nikkei 225 index closed down 2.86% per cent yesterday, its biggest single-day decline in 2 months, closing at 9752.88 points and falling again at 10,000 points. Hong Kong's Hang Seng index closed for the second day in a row, 18165.5 points, down 1.8%, and more at a 18,000 point mark. South Korean equities have been hit by the news that Morgan Stanley Capital International, in its annual review, decided not to lift South Korea to its advanced market position and maintain its position as a market for emerging markets. South Korea's Kospi index fell 0.94% per cent to 1399.15 points. According to statistics, South Korea's stock market is the sixth largest stock market in the Asia-Pacific region with a total market value of 3 trillion. Australia's S&P/ASX 200 index closed down 1.7%, reporting 3962.5 points. The Australian central Bank yesterday released minutes of its June meeting, which said the bank's policy committee believes there is no need to cut interest rates, but there is still room for interest rate cuts if necessary.