The Nikkei Stock Average opened lower in the Tokyo market, at ¥64,276.82, down ¥994.13 from the previous day. With crude oil futures surging and concerns mounting over downturns in the economy and corporate earnings, the decline briefly exceeded ¥1,900.
The Nikkei Stock Average opened lower in the Tokyo stock market on the 11th, at ¥64,276.82, down ¥994.13 from the previous day. The broader market remained soft.
Against a backdrop of growing expectations that tensions in the Middle East would be prolonged, New York crude oil futures surged. Concerns spread across the market, including energy stocks, over the impact of higher crude oil prices.
As views spread that surging crude oil prices and expectations for higher interest rates could lead to downturns in the economy and corporate earnings, the Nikkei's decline briefly exceeded ¥1,900.