The Bank of Japan and the government warned in a rare joint statement on Friday that they are concerned about sharp declines, indicating possible intervention by Tokyo to stem the decline.
yen It was not the only Asian currency that experienced a sharp decline. The Indian rupee fell to an all-time low of 78.2 against the US dollar in early trade.
In the US, Dow futures are down 1.9% at 5.20 AM ET. S&P 500 futures are down 2.3%, while Nasdaq futures are down 2.9%.
“The hangover from Friday’s US CPI data was not helped by concern about China pulling back some of its economic reopening, or the more risky UK economic data,” Societe Generale strategist Kate Jukes said in a research note.
A number of neighborhoods in Shanghai faced another temporary lockdown at the weekend, as authorities launched mass testing just days after easing Covid restrictions on most of their 25 million residents.
Authorities in Beijing’s largest Chaoyang District announced on Thursday the closure of all entertainment venues, just days after they were allowed to reopen.
CNN’s Nicole Goodkind contributed to this report
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