Taiwan market quakes after Japan, biggest drop in 57 years

After Japan, now there is an earthquake in Taiwan's stock market. Taiwan's benchmark index, Taipei, saw its biggest drop in 57 years. Taipei fell 8.4 percent. This is the biggest one-day decline since 1967. Experts say that Taiwan's market has fallen due to fears of a recession.

The biggest drop in 57 years

Biggest decline in 57 years - Taiwan's benchmark stock index plunged to a record. The Taipei index closed down 8.4%, its biggest decline since 1967.

Technology companies have been the hardest hit behind this decline. AI-chip maker Taiwan Semiconductor Manufacturing Co. reported a 9.8% decline. Which is the biggest drop in a single day on record.

Biggest drop in technology companies

Technology companies have contributed the most to this decline. AI-chip maker Taiwan Semiconductor Manufacturing Co. reported a 9.8% decline. Which is the biggest drop in a single day on record.

Taiwan, South Korea and Japan were the worst stock performers in Asia on Monday. Experts say that there may be pressure on the income of exporting companies. Because it depends on companies and the world's largest economy. Hence, there is a huge pressure on Taiwan's index.

Fear in the market

Traders are selling almost every risky asset, market traders say. Because there is fear in the market. Whereas, deposits are made in yen.

The Japanese currency has gained about 13% this quarter due to the Bank of Japan raising interest rates. Due to the boom, yen carry business has seen a decline.

Japan's benchmark fell more than 12% on Monday, sending both the Taipei and Nikkei 225 into bear markets. In South Korea, the Kospi index also fell more than 9%, its worst day since 2001.