The Nikkei Average extended its decline after the open. Selling led the Tokyo market, weighed down by declines in U.S. equities, rising domestic long-term interest rates and caution in the crude oil market.
The Nikkei Average was down approximately ¥1,470 from the previous day as of 09:05 JST, with the decline widening after the open. The decline in U.S. markets affected sentiment, while rising domestic long-term interest rates also weighed on the market.
Against a backdrop of heightened market caution, concerns over rising crude oil futures and the situation in Iran intensified, while movements in U.S. long-term interest rates were also cited as a factor. Selling was dominant at the open, although some market participants pointed to buying interest at lower levels thereafter.
Technically, the 75-day moving average, at around ¥66,500, is seen as acting as overhead resistance, while the 25-day moving average, at around ¥65,700, is in focus as downside support. Some observers said this meant that near-term downside room was limited.
Selling was dominant at the open on this day, but the day before yesterday and yesterday there were periods when the market stopped falling after hitting its early-morning lows. Attention is focused on market movements after today's open.