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Japanese shares rout deepens after tech sell-off on Wall Street

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Japanese shares rout deepens after tech sell-off on Wall Street

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Japanese stocks ended an already turbulent week in a nosedive, dropping to a six-month low as global funds fled risk and the strengthening yen continued to squeeze speculators out of the so-called carry trade.

The broad Topix benchmark of Japanese stocks, which peaked at an all-time high in mid-July and had been one of the world’s best-performing indices of 2024, fell 5.5 per cent in the first hour of Tokyo trading on Friday.

The sell-off followed a 3.2 per cent fall in the Topix on Thursday and heavy overnight drops on Wall Street led by growing market concerns around the US economy and resilience of the tech sector.

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“We haven’t really seen these moves since Covid. Why are they so extreme? Because bad data in the US is now being treated as bad data,” said Takeo Kamai, head of execution services at CLSA in Tokyo. He added that weak economic data was now fuelling recession fears, whereas previously investors took negative US data as a sign that interest rates might come down and boost equities.

“Geopolitics and earnings are playing into this,” said Kamai. “Uncertainty is very high, and people are de-risking.”

The sell-off has been accelerated by heavily leveraged Japanese retail investors rushing to get out of a popular exchange traded fund, the Nomura NF Nikkei 225 ETF, traders said. The ETF fell 9.55 per cent on Friday as individual investors rushed to stem losses.

A 20 per cent plunge in Intel shares after US markets closed spooked Tokyo, where tech and semiconductor names have been among the most attractive to foreign investors.

Bellwether Japanese technology names, led by Tokyo Electron, SoftBank, Lasertec and Advantest all fell heavily in a rout that traders at two Japanese houses said appeared to have been led by large overnight sell orders from European and US long-only funds.

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“It’s been a profit-taking frenzy this week. The big funds are taking risk off the table, and Japan is being hardest hit after a very strong run and now a macro backdrop that looks less bright,” said one senior broker at a Japanese securities house. “How long will this go on? We are not seeing signs of strong support here.”

The selling targeted many sectors but hit financials and industrials especially hard. Mitsubishi Heavy Industries, the defence contractor whose shares had surged to an all-time high this year and which had been a favourite of foreign investors, has fallen more than 13 per cent this week.

Part of the damage has been the stronger yen, with a chill cast over Japanese manufacturers whose profits are heavily bolstered when the currency is weak, traders said.

The Bank of Japan’s unexpected interest rate increase on Wednesday and the implication that it has entered a rate-raising cycle, even as the US Federal Reserve appears poised to cut rates, has propelled the yen far higher than many had expected.

At Friday’s level of ¥149.6 against the dollar, the yen is now 7 per cent higher than it was in mid-July, and at a level that currency traders said was continuing to deter speculators from the huge bets against the yen that had been built up throughout 2024.

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For Japanese stocks, the dollar-yen rate has suddenly switched from tailwind to headwind, hitting exporters and forcing investors into fairly aggressive portfolio restructuring, analysts said.

“We don’t think that the Japan story is broken at this point, but the rules of the game have definitely changed,” said Bruce Kirk, chief Japan equity strategist at Goldman Sachs.

“The way investors have made money from Japan up until now and what will be required to make money from here will be different. So less focus on a narrow group of blue-chip exporters and more work around companies with higher domestic demand exposure.”

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Iran warns it will hit US bases across region hours after president’s apology

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Iran warns it will hit US bases across region hours after president’s apology

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Cleveland playground now a place of mourning for two girls found in suitcases

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Cleveland playground now a place of mourning for two girls found in suitcases

It’s called Saranac Playground, and when the weather is nice it becomes a magnet for the children who live on the east side of Cleveland.

But in recent days, this small patch of green has been visited by a stream of mourners seeking to pay their respects to two little girls who were found there stuffed inside suitcases and buried in shallow graves.

In the days since the bodies of 8-year-old Mila Chatman and her half-sibling, 10-year-old Amor Wilson, were found on Monday, a shrine of stuffed animals and flowers has grown.

So has the mystery surrounding their deaths.

Their mother, 28-year-old Aliyah Henderson, has been charged with two counts of aggravated murder.

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During her first court appearance on Friday in Cleveland Municipal Court, she was not asked about the tragedy that has landed her in handcuffs, shocked her hometown and drawn national attention.

Municipal Court Judge Jeffrey Johnson set Henderson’s bond at $2 million, citing “the nature of the allegations” and his concern for public safety.

Dressed in a blue sweatshirt and surrounded by court officers, Henderson remained impassive.

“Thank you” were the only words she uttered during the brief hearing, in response to the judge wishing her good luck.

Earlier, Assistant Prosecuting Attorney Kristine Travaglini revealed at the hearing that the bodies of the little girls were “badly decomposed.”

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So far, the Cuyahoga County Medical Examiner’s Office has not said how and when the little girls died, but did confirm that a DNA investigation showed they were related as half-siblings.

Cleveland Police Chief Dorothy Todd said neither child had been dismembered.

Henderson, who lives near Saranac Playground, had another child living at her home when police took her into custody on Wednesday, Todd said earlier this week.

The Department of Children and Family Services has taken custody of the child, who appears to be in good health, Todd said. But she did not provide any other information about the child.

A man who had been walking his dog reported the grim discovery on Monday at the playground, which is located near an all-boys public school called the Ginn Academy.

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Responding to the 911 call, Cleveland homicide detectives confirmed the man’s dog had located the body of a young girl, and they quickly found a second shallow grave with a suitcase that contained another body.

“It was like a pile of dirt, and she stopped to sniff … and she was taking too long,” Phillip Donaldson told WEWS-TV. “So I went back and looked, and it was a suitcase that was half-buried, and I pulled it up and looked in it, and it was a head. Somebody’s head in it.”

Donaldson said that pile of dirt had been there for at least a week.

On Thursday, Deshaun Chatman, who said he was the father of Mila Chatman, visited the spot where the girl had been buried. He told local reporters that he had not had any contact with his daughter for several years. He said Henderson kept “ducking” him and that he’d been in touch with DCFS numerous times about getting custody of Mila.

“I just feel useless,” Chatman said. “I couldn’t save my daughter.”

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Asked about Deshaun Chatman’s assertion that he had been trying get custody of his daughter, Cuyahoga County spokesperson Jennifer Ciaccia in a statement called the girls’ deaths “a tragedy for their families and our entire community” and declined to disclose any further information, citing an active criminal investigation and confidentiality obligations under Ohio law.

NBC News has reached out to Henderson’s mother for comment.

Back in 2019, Henderson and her daughters were mentioned in a Cleveland Plain Dealer article about a local hospital’s program to help struggling families.

It featured a photo of a smiling Henderson holding then 3-year-old Amor on her lap and Henderson’s mother holding Mila, who was almost 2 at the time.

“I could really use the help,” Henderson said in the story.

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Family, former presidents and a Hall of Famer give Rev. Jesse Jackson a final sendoff

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Family, former presidents and a Hall of Famer give Rev. Jesse Jackson a final sendoff

The casket with the Rev. Jesse Jackson is seen before the Public Homegoing Service at the House of Hope in Chicago, on Friday, March 6, 2026.

Erin Hooley/AP


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Erin Hooley/AP

The rare qualities that distinguished the Rev. Jesse Jackson — his fortitude as a civil rights leader, and the love he shared as a mentor, a friend and father — were praised time and again on Friday, as his family and a roster of luminaries, including three former U.S. presidents, gathered for Jackson’s funeral service on Chicago’s South Side.

Repeatedly, it came down to three words that Jackson made famous.

“I am! Somebody!” the crowd chanted in the House of Hope megachurch, repeating Jackson’s belief that every person matters, no matter their race or economic standing.

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“He paved the road,” former President Barack Obama said. He noted that Jackson brought social change, and also proved, in the 1980s, that a Black presidential candidate could be taken seriously.

“His voice called on each of us to be heralds of change, to be messengers of hope, to step forward and say, ‘Send me,’” Obama said. “Wherever we have a chance to make an impact, whether it’s in our schools, our workplaces, our neighborhoods, our cities.”

Jackson’s son, Yusef, gave vivid detail to Jackson’s commitment to helping those who need it most.

“I intend to die with my shoes on,” Yusef Jackson said, quoting his father’s refusal to let health problems stop him from aspiring to help people in war-torn Ukraine, and Americans struggling with food insecurity. Along the way, Yusef Jackson said, his father also managed to find time to share his love for his children and grandchildren.

“Keep hope alive,” Yusef Jackson said in closing, echoing another of Jesse Jackson’s mottos.

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Speakers emphasized Jackson’s message of hope throughout the service, especially as some referenced the Trump administration. 

Obama said “it’s hard to hope” when “every day you wake up to things you just didn’t think were possible. Each day we’re told … to fear each other, to turn on each other and that some Americans count more than others, and that some don’t even count at all.” 

Former presidential candidate Kamala Harris said she predicted how President Trump’s second term would play out. 

“I’m not into saying ‘I told you so,’ but we did see it coming,” Harris said. “But what I did not predict is that we would not have Jesse Jackson with us to get through this.”

Several speakers credited Jackson for sowing the seeds that would carry them through storied careers. 

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For Judge Greg Mathis, from the hit daytime television show Judge Mathis, hearing Jackson say “I am somebody” began a domino effect that would catapult him to success in the worlds of law and entertainment. 

“Those were the three words that I heard 50 years ago this month that changed my life forever,” Mathis said. 

He first met Jackson when he was a teenager incarcerated in Detroit. Jackson had stopped at the facility where Mathis was being held during a speaking tour. Mathis wanted to join Jackson’s cause right then and there. But it wouldn’t happen that fast. Jackson told Mathis to go to college first.

After graduating, Mathis worked on Jackson’s 1988 presidential campaign, and was later elected to a judgeship in Detroit. Years later, he reunited with Jackson to serve as vice president of Jackson’s nonprofit, the Rainbow PUSH Coalition.

Then, Mathis got the offer to be on television. 

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“‘Oh yeah, you gotta take this,’” Mathis said, recalling Jackson’s reaction. “‘But primarily, I want you to take this so that you can spread a message of hope to millions and millions of people who you will inspire to overcome their obstacles, as we’ve overcome ours.’” 

Obama reminisced about being a college student while watching Jackson’s first presidential debate.

“When that debate was over, I turned off that TV, and I thought the same thing that I know a lot of people thought, even if they didn’t want to admit it. That in his idea, and his platform, in his analysis, in his intelligence, in his insight, Jesse hadn’t just held his own. He had owned that stage,” Obama said. 

He continued, “And the message he sent to a 22-year-old child of a single mother with a funny name, an outsider, was that there wasn’t any place, any room, where we didn’t belong.”

One of the most emotional speeches came from NBA Hall of Famer Isiah Thomas, a longtime friend of Jackson’s who recalled meeting the civil rights leader when Thomas was a child in Chicago. In those days, Thomas said, his family was living in poverty, relying on a soup line for sustenance.

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That’s when, Thomas said, he and his mother encountered Jackson walking down a street.

When Jackson saw the boy, he bent down and looked Thomas in the eye.

“When society was telling me I was a nobody, when society was telling me we don’t even want to go to school with you,” Thomas said, Jackson shared a different message.

“You are somebody,” Jackson told Thomas.

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