The Nikkei Average plunged immediately after trading began, recording a decline of more than ¥1,800 at one point. With yen depreciation, rising long-term interest rates and higher crude oil prices occurring simultaneously, the market is reportedly in a “triple-selloff” phase.
The Nikkei Average fell as soon as trading began, with its decline exceeding ¥1,800 at one point. It fell below the ¥65,000 mark, while more than 90% of listed stocks declined.
As expectations grew that long-term interest rates had risen to the 3% range, the continued depreciation of the yen and rising crude oil futures prices also weighed on the market. Some analysts say these factors are combining to drive stock prices lower.
Market participants said today that there were few factors supporting the market, and some expressed the view that the “triple-selloff” phase, in which yen depreciation, falling bond prices and falling stock prices occur simultaneously, could continue.