The Nikkei Average fell approximately ¥690 during the morning session, with selling leading the market lower under the influence of the U.S. market. It subsequently showed signs of holding its losses, and trading showed some signs of a modest rebound.
On the morning of the 8th, the Nikkei Average traded around ¥690 below the previous day's level, with selling leading the Tokyo market against a backdrop of rising yields on 10-year U.S. Treasury bonds. The Nikkei Average fell to ¥69,195.47 at 9:41 a.m. before showing signs of holding its losses.
By sector, most of the 33 sectors declined. Oil and coal, mining, nonferrous metals, wholesale, machinery, and electric power and gas stocks were weak. Services and pharmaceutical stocks, by contrast, remained firm.
Among individual stocks, energy-related names including Idemitsu Kosan, ENEOS, INPEX, and Japan Petroleum Exploration declined. Enedia Gian, Recruit Holdings, Takeda Pharmaceutical, and Sumitomo Pharma, meanwhile, were relatively firm or moved higher.
Based on settlement prices on the Tokyo Stock Exchange, the yen-denominated settlement price for Chicago Nikkei Average futures was ¥69,850, down ¥510 from the previous day. In the foreign exchange market, the dollar traded in the upper ¥157 range against the yen, while the euro traded in the mid-¥176 range against the yen.