The market is in a recession mood

Global economy reflected industrial metals (copper, zinc, tin, etc.) indices are plunging sharply.

Global tightening of monetary policy led by the United States ⇒ concerns about global economic slowdown in the United States and elsewhere.

From around June 22, concerns about a recession increased in particular. Bond yields are also falling.
The background is that institutions like the Fed have repeatedly indicated that they will thoroughly respond to curb inflation, even if it means a recession.

The decline in U.S. stocks is due to tightening monetary policy ⇒ lower P/E ratios, but tightening monetary policy also brings an economic slowdown.

① Unlike the United States, ② because the Bank of Japan continues its monetary easing, Japanese stocks had not fallen as sharply as the U.S.; however, since Japanese stocks are sensitive to global economic conditions, if the global economy slows down further, stock prices could deteriorate more rapidly.