The Nikkei Average turned lower after the open and was trading down ¥110. With investors awaiting developments in U.S. equities, crude oil and interest rates, as well as the results of upcoming FOMC and Bank of Japan meetings, cautious sentiment among investors has continued.
As of 9:05 a.m., the Nikkei Average was down ¥110, turning lower after buying led the market at the open.
The 3 major U.S. market indexes declined, but the rise in the SOX Index, which comprises semiconductor-related stocks, supported semiconductor-related stocks in the Tokyo market, with some investors waiting to see whether buying would emerge. At the same time, declines in U.S. equities the previous day weighed on the Tokyo market at times.
The rise in crude oil futures and firm U.S. long-term interest rates have made investor sentiment more cautious, and a wait-and-see mood has spread ahead of tonight's FOMC decision and Chair Warsh's (ウォーシュ) press conference, as well as the Bank of Japan's monetary policy meeting on the 18th and Governor Ueda's (植田) press conference.