The Nikkei Average opened at ¥66,568.51, down ¥737.05 from the previous Friday's close. Remarks by U.S. Federal Reserve officials at Jackson Hole fueled expectations of a rate hike in September, and selling led the Japanese market as it followed declines in U.S. stocks.
The Nikkei Average opened on the 31st at ¥66,568.51, down ¥737.05 from the previous Friday's close. Following a speech by Fed Chair Warsh at the Jackson Hole meeting, expectations emerged that the FOMC would raise interest rates in September, spreading concern over higher rates. Selling led the Japanese market lower as it followed declines in U.S. stocks, and the Nikkei Average extended its losses to fall below ¥65,000.
As of 9:03 a.m. in the Tokyo foreign exchange market, the dollar/yen pair was trading in the low ¥160s and the euro/yen pair in the mid-¥185s. Wealth Advisor, the source, reported the day's market trends.