Japanese stocks fell at the end of the week as expectations of a US rate hike resurfaced and oil prices rose. The Nikkei Average ended trading down 1.93% at 64,011.34, posting a 0.4% decline for the week.
Japanese stocks fell in the Tokyo market as expectations of a US rate hike resurfaced and oil prices rose. The Nikkei Stock Average ended trading down 1.93% at 64,011.34, marking a 0.4% decline for the week, after plunging as much as 3.16% at one point.
US stocks fell from the previous day, while rising Treasury yields and the August producer price index heightened expectations that the Federal Reserve would continue raising interest rates. Fed Chair Walsh indicated a shift away from forward guidance, and investors are focused on upcoming inflation data.
Technology and AI-related stocks weighed on the Nikkei Average, while individual stocks traded mixed. On an index basis, 95 stocks rose, 128 fell and 2 were unchanged.
Among individual stocks, Resonac Holdings fell 10.68%, Kioxia Holdings declined 6.99% and TOPPAN Holdings fell 6.95%. LY rose 3.44%, while Kawasaki Kisen Kaisha gained 2.94% and Dai-ichi Life Holdings rose 2.73%.