The Nikkei Average opened sharply lower in response to the previous day's continued decline in U.S. stocks and higher crude oil prices. Investor sentiment deteriorated as long-term interest rates rose at one point.
U.S. stocks continued to decline on the previous day, the 10th, while concerns over a prolonged conflict with Iran and a sharp drop in oil production pushed crude oil prices higher, raising market concerns. Selling also spread across equities as interest rates rose amid accelerating producer prices and the impact of the Ministry of Finance's expanded long-term bond buyback program.
On the 11th, the Nikkei Average was weak from the opening, falling ¥994.13 to ¥64,276.82. By mid-morning, the decline had widened and the index fell into the ¥63,200 range. Although it recovered somewhat toward the afternoon session, the rebound was weak and trading remained soft throughout the day.
At the close, the Nikkei Average stood at ¥64,011.34, down ¥1,259.61 from the previous day. Trading volume on the TSE Prime Market was approximately 2.37251 billion shares, while trading value was approximately ¥8.7129 trillion. By sector, insurance, marine transportation, and transportation equipment rose, while nonferrous metals, electrical appliances, and oil and coal products declined.
Among individual stocks, Kyocera and Nintendo rose, while Advantest, SoftBank Group, Tokyo Electron, and Murata Manufacturing declined. Reports that Yemen's Houthi armed group had seized control of Mocha, along with a move by long-term interest rates to 3%, affected investor sentiment.
According to the cited media sources, this report was based primarily on an article published by Money Voice, while Yahoo Finance also carried similar coverage.