Nikkei 225 Plummets Amid Yen Strength and Earnings Season

The Nikkei 225 Index plummeted by over 1.52% on Monday due to several events, including the Japanese yen's resurgence and upcoming corporate earnings.

The index dropped to 63,390, a 12.9% decline from its peak this year, as investors reacted to the yen's strength.

The USDJPY exchange rate plummeted to 155.25, its lowest level since May 6, and 5.35% lower than its highest point this year.

The Federal Reserve intervened by swapping billions of euros for Japanese yen, marking the first time in decades that it has done so.

This move, combined with the Bank of Japan's $50 billion currency intervention last week, sent shockwaves through the market.