The Nikkei fell for a fourth straight session on the 13th, while electrical machinery and machinery shares fell sharply in Japan amid a global sell-off in semiconductor stocks. Bonds rose as U.S. long-term yields declined, and the yen rebounded against the dollar.
The Nikkei fell for a fourth straight session on the 13th, with electrical machinery and machinery shares trading sharply lower in the Japanese market as semiconductor stocks were sold globally. The Nikkei closed down about 1.8% from the previous day, falling to ¥67,777.52. At one point, the decline exceeded 2%.
Selling was concentrated in semiconductor-related stocks in the equity market, while value stocks attracted buying at times as the momentum behind rising interest rates temporarily eased. Gainers among TOPIX constituents stood out, while the Nikkei’s decline was broad-based.
In the bond market, long-term and super-long-term bonds rose, while intermediate-term bonds fell, flattening the yield curve. Futures were lower in the morning but turned positive at times later in the session. Trading lacked clear direction ahead of the release of the U.S. consumer price index (CPI).
In the foreign exchange market, the yen rebounded to the low ¥158s against the dollar. Some viewed the dollar’s decline and the yen’s rise as having paused, following moves in overseas markets and amid official vigilance.