A number of markets in Asia were closed for holidays, but Japanese stock followed the US markets down as shares there were overwhelmed by concerns about inflation and rising oil prices. The Nikkei was off 2.2% to 14,818.
Shares of large companies with exposure were hit particularly hard. Toyota (NYSE: TM) sold off almost 3% to 5430 yen. Sony (NYSE: SNE) dropped 3.7% to 5260. Canon fell 4.4% to 5450.
Part of the drop was driven by news overnight that corn hit record prices due to excessive rain and is now up 47% this year. Markets are now viewing this as a sign that inflation is actually accelerating.
Douglas A. McIntyre is an editor at 247wallst.com.
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