The Nikkei 225 opened at ¥65,195.43, down ¥1,019.91 from the previous day, as selling prevailed across the market, led by Sumitomo Metal Mining and SoftBank Group. Lower U.S. equities, oil market trends, and expectations for higher long-term interest rates weighed on the market.
Against a backdrop of continued declines in U.S. markets and expectations for higher crude oil prices, the Tokyo market opened sharply lower, with the Nikkei 225 falling significantly after the open. Trends in overseas markets and concerns over rising domestic interest rates exerted downward pressure on stocks, which remained soft throughout the day.
By sector, Other Products, Electrical Appliances, Non-Ferrous Metals, Services, and Securities, Commodities and Futures were among the biggest decliners, while Mining and Marine Transportation rose. Declining stocks accounted for a large proportion of the issues with the highest trading value on the Tokyo Stock Exchange Prime Market.
The Nikkei 225 at times fell below its 25-day moving average in the ¥65,300 range. However, some market participants believed that the downside was limited, with the 75-day moving average also seen as acting as overhead resistance. Major indices remained soft throughout the session.
Among the stocks with high trading value today, Sumitomo Metal Mining, Mitsui Mining and Smelting, SoftBank Group, SUMCO, and Murata Manufacturing fell. Mitsui O.S.K. Lines and INPEX, meanwhile, rose. The Nikkei 225 ultimately ended down ¥1,019.91 from the previous day.