In the morning session on the 31st, Japanese stocks traded with the Nikkei average down approximately ¥1,300. Selling led the market on expectations for US interest rates, but trading subsequently turned toward finding stability.
The Nikkei average traded around ¥65,100 in the morning session, approximately ¥1,300 below the previous weekend. Expectations for a rate hike by the US Federal Reserve spread following the Jackson Hole symposium, triggering a chain of declines in US stocks and a stronger yen.
By sector, 27 of the 33 sectors declined. Shipping and securities, commodities and futures stocks fell. Electrical equipment and machinery stocks were generally lower, while steel and nonferrous metals stocks were also weak. Transport equipment stocks were relatively firm.
The yen-denominated settlement price for Nikkei futures was reported at around ¥5,780, down ¥670 from the previous weekend, with futures movements in overseas markets indicating that investors were assessing the next stage. The dollar was trading in the upper ¥159 range and the euro in the lower ¥185 range.
Provided by Wealth Advisor.