The Nikkei Average fell more than ¥1,900 at one point, slipping below the ¥65,000 mark. The market is being described as experiencing a triple decline, as a weaker yen, rising long-term interest rates and higher crude oil prices weighed on it.
The Nikkei Average fell immediately after trading began, declining by more than ¥1,900 at one point. More than 90% of stocks declined, pushing the Nikkei below the ¥65,000 mark.
Expectations are growing that long-term interest rates have risen into the 3% range for the first time in 30 years, weighing on stock prices. The rise in crude oil futures prices, driven by deteriorating conditions in the Middle East, also had an impact.
In the foreign exchange market, the dollar was bought as investors moved to avoid risk, and the yen’s weakening trend has continued. Market participants said today that there were few factors supporting the market.