Major construction stocks hit new lows one after another in Tokyo trading on the 29th. The construction sector fell 3% from the previous day, hitting a year-to-date low. Rising interest rates have fueled concerns about worsening market conditions.
Major construction stocks hit new lows one after another in Tokyo trading on the 29th, while the construction sector fell 3% from the previous day to a year-to-date low.
Shimizu Corporation ended 5% lower and Taisei Corporation 4% lower, with both hitting their lowest levels of the year.
Underlying the move is a historic rise in interest rates. As rates continue to rise globally, including in Japan, concerns have spread that worsening conditions in the construction market could weigh on earnings.