The Nikkei average fell sharply by more than ¥1,500 at one point in the Tokyo stock market on the 31st, with selling spreading particularly among semiconductor-related stocks. The decline is believed to have been driven by growing expectations of a US rate hike, as well as the fall in the New York market on the 28th.
The Nikkei average fell by more than ¥1,500 at one point in the Tokyo market on the morning of the 31st, with selling prevailing as the market carried over the trend from the previous day. Buying was particularly weak in semiconductor-related stocks, and selling led in many issues.
The backdrop was growing expectations of a rate hike in the United States. Views spread that the move followed the decline in stock indexes in the New York market on the 28th, with the US market's performance that day believed to have affected the Japanese market as well.
The concentration of sell orders, particularly in the semiconductor sector, also made declines in individual stocks more pronounced. Investors are seeking a clear direction for the market, and are closely watching developments.