The Democratic People's Republic of Korea has fired another missile over Japan, the Pentagon confirmed Thursday evening.

North Korea launched an intermediate range ballistic missile at 11:57 a.m. Hawaii time, according to a statement from Cmdr. Dave Benham, Director of Media Operation at U.S. Pacific Command. The missile originated in Sunan, North Korea and landed in the Pacific Ocean east of Japan.

The statement added that the launch posed no threat to North America or Guam but "we continue to monitor North Korea's actions closely."

The details were similar to those published by Japanese public broadcaster NHK World, which stated that a ballistic missile launched from North Korea landed in the Pacific, about 1,250 miles off the coast of Erimo in Hokkaido, which is 800 miles from Tokyo, at 7:12 a.m. local time. The South Korean military confirmed similar details of a launch from Pyongyang Thursday, according to South Korea's Yonhap News Agency

This would be the 19th missile test this year for North Korea, according to NBC, and it's the second launch over Japan in recent weeks.

The launch comes as tensions have been swelling between the U.S., its allies and North Korea. Following the August 28 missile launch over Japan, the United Nations held an emergency meeting on the situation, during which U.S. Ambassador Nikki Haley said North Korea's leader Kim Jon Un was "begging for war," according to the Associated Press

"Enough is enough. War is never something the United States wants. We don't want it now. But our country's patience is not unlimited," Haley said, according to the AP.

Following that meeting the U.N. adopted new sanctions against North Korea, according to the New York Times, which fell short of those demanded by the Trump administration, and German Chancellor Angela Merkel singled her openness to becoming involved in negotiating an end to escalating tensions. 

From a markets point of view, North Korea worries haven't rattled the stock market beyond a few minor selloffs.

But there is a scenario where North Korea could pose a big shock to the markets, according to Mohamed El-Erian, chief economic adviser at Allianz.

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"For North Korea - or any geopolitical [issue], you need it to go from brazen provocation as I call it, to actual action," he said. "A major policy mistake would do it."

The one shock he worries about most is an endogenous shock. "That people are giving up liquidity, that people have become very comfortable to quickly buy the dip and at some point people will get over exposed in terms of their overall liquidity stance," he said.

Asian markets were up and U.S. stock futures were mixed in early Friday trading.

Japan's Nikkei 225 rose 65.83 points, or 0.34%, to 19,419.60. In Hong Kong, the Hang Seng rose 66.19 points, or 0.24%, to 27,584.79. Stocks were 0.27% lower in Singapore at 3,263.45.

In U.S. stock futures overnight, Dow futures were down 2 points, or 0.01%, at 21,784. Nasdaq and S&P futures were both up, 0.01% and 0.02% respectively, at 5,841.25 and 2,441.25.

Gold futures were down $1.00, or 0.08%, to $1,291.00, while oil futures were up 0.65%, to 47.74 as Hurricane Harvey approaches landfall along the Texas coast.

On Wall Street Friday, the Dow Jones Industrial Average fell 28.69 points, to close 0.13% lower, at 21,783.40. The S&P 500 and Nasdaq also fell, 0.21% and 0.11%, respectively, to close at 2,438.97 and 6,271.33.

Japan's Nikkei Average was down 58.38 points, or 0.58%, at 19,807.44, as did the Japanese Yen against the U.S. dollar, down 0.18% to 110.07. The price of gold rose 7.9 points, or 0.6%, to 1332.52.

As a result of North Korea's intensifying animosity toward the West, defense stocks have recently been on the rise. 

Lockheed Martin Corp. (LMT) , Raytheon Company (RTN)  , General Dynamics (GD) and Orbital (ATK)  were all higher in after-hours trading on Thursday evening.

Falls Church, Va.-based Northrop Grumman (NOC)  was down slightly though it is still up about 14% year-to-date.

This story was originally published at 6:25 pm ET and has been updated.


 

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