Yike! Things around the world have been bad economically lately and one should never discount the international economic ties that bind nations and influence investor values.
The latest is the uncertainty over the Chinese economy and world oil prices. Those have hit Wall Street and other world markets hard. Thank goodness today is a holiday in the U.S., otherwise we might see more drops in U.S. stock market values.
In Japan, where this is no holiday today, the U.S. dollar plunged down to near ¥116.50 over concerns on China and Oil.
According to The Japan Times:
The dollar pared losses to trade slightly above ¥117 in Tokyo on Monday, after plunging close to ¥116.50 amid uncertainties over the Chinese economy and oil prices.
At 5 p.m., the dollar was at ¥117.03-03, still down sharply from ¥117.63-63 at the same time Friday. The euro was at $1.0892-0892, up from $1.0868-0869, and at ¥127.47-48, down from ¥127.85-86.This greatly affects travelers to Japan as their dollars won't buy as much yen in foreign exchange. I'm glad we went to Japan in October when the dollar was much higher.
Let's hope a rebound in world markets comes soon!
To read more, go here.
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