The Nikkei Stock Average deepened its decline after trading began, at one point falling nearly ¥2,000 in the afternoon. It closed at ¥64,325, down ¥1,889 from the previous day.
The Nikkei Stock Average opened sharply lower on the 2nd and extended its decline into the afternoon, eventually ending trading near the close at ¥64,325, down ¥1,889. This represented a substantial decline from the previous day's level.
The average moved lower from the start of trading, and the decline widened over time, at one point approaching ¥2,000. Large swings in the broader market continued.
In addition to long-term interest rates rising into the 3% range, heightened concern over the situation in the Middle East and rising crude oil futures prices were reportedly factors affecting the market. Market participants pointed out that the market needs to be viewed on the assumption that tensions in the Middle East will persist and that high interest rates will continue.