The Tokyo Stock Exchange's morning session lacked direction, with rising long-term interest rates weighing on the market. The Nikkei average fell sharply at one point before ending the morning at ¥66,050.33, while the TOPIX edged higher to 4,177.85.
The Tokyo Stock Exchange's morning session lacked direction, with rising long-term interest rates prompting selling. The Nikkei average fell by more than ¥700 at one point in the morning as rising long-term interest rates weighed on the market.
The Nikkei ended the morning at ¥66,050.33, down ¥261.60 from the previous day, while the TOPIX rose 21.56 points to 4,177.85.
The prospect that long-term interest rates would rise to levels not seen in about 30 years and push up funding costs was seen as a factor weighing on corporate earnings. Rising U.S. crude oil futures prices, driven by concerns about the outlook for the situation in the Middle East, also dampened sentiment, although the market briefly moved into positive territory on buybacks after the selling subsided.