Tokyo stocks fell sharply in the morning session on the 11th as investors shunned higher crude oil prices and rising U.S. interest rates. The Nikkei stood at ¥63,469.39 at the midday close, down approximately ¥1,800 from the previous day, while the TOPIX also fell sharply.
At the midday close, the Nikkei Stock Average had fallen sharply by ¥1,801.56 from the previous day to ¥63,469.39. Expectations of higher crude oil prices, along with rising U.S. interest rates, weighed on the market, and selling led across the broader market.
By sector, nonferrous metals, electrical equipment and machinery declined, while declines were relatively contained in mining, marine transportation and transport equipment. Standard TOP20 and Growth stocks also continued to fall.
As of 10:05 a.m., the Nikkei had widened its decline, at one point falling more than ¥2,000. Crude oil prices rose to levels above $100 for WTI, strengthening expectations of higher U.S. interest rates. Automobile stocks were firm as the yen's appreciation paused.
At the open, the Nikkei in the morning session began sharply lower, down ¥994.13 from the previous day at ¥64,276.82. Selling led the market as Tokyo stocks followed the decline in U.S. stocks, which had fallen on concerns over higher oil prices and interest rates.