New York Stock Market Dow Jones Drops as Predictions of Lifting Zero Interest Rate Policy Move Ahead

On the 16th, the Dow Jones Industrial Average (DJIA) was down on the New York Stock Exchange after the Federal Reserve Board (FRB), the central bank of the U.S., moved up its prediction of when it would lift its zero interest rate policy.

In the New York stock market on the 16th, the Dow Jones Industrial Average temporarily dropped over $380 after the results of the Fed meeting were announced.

The Dow Jones Industrial Average was down more than $380 at one point when the results of the Fed meeting were announced, but later there was a buying spree and it closed at $34,033.67, down $265.66 from the previous day.

In the New York foreign exchange market, there was a move to buy the dollar and sell the yen, causing the yen to move in the upper 110 yen per dollar range.

Market participants said, "Although there were selling orders for a faster-than-expected hike in the policy rate after the Fed meeting, it did not lead to a sharp fluctuation in stock prices as some people accepted that it is natural for monetary policy to move toward normalization in light of the steady recovery trend of the U.S. economy.

Source: https://www3.nhk.or.jp/news/html/20210617/k10013088911000.html?utm_int=news-business_contents_list-items_002