The Nikkei Stock Average fell approximately ¥1,130 from the previous day on the 8th, marking a sharp decline. Against the backdrop of a surging yen, automotive stocks, including Toyota Motor Corporation, fell across the board, intensifying concerns about weaker earnings.
The Nikkei Stock Average fell ¥1,130.51 from the previous day on the 8th to ¥65,269.33. Although it briefly moved into positive territory after the opening, it turned negative again in the afternoon session and closed lower.
The New York Dow did not trade on the 7th because the market was closed for Labor Day. Meanwhile, the yen was rapidly bought in the foreign exchange market, rising to the low ¥153 range against the U.S. dollar as expectations of an early Bank of Japan rate hike came into focus. This weighed on the market as a whole, particularly automotive stocks.
Automotive stocks, including Toyota Motor Corporation, fell across the board, and concerns about weaker earnings resurfaced among investors. The prevailing view was that the combined impact of the overall market decline and the stronger yen had affected earnings outlooks for export-oriented companies.
Future market movements may fluctuate widely depending on the yen exchange rate and overseas market trends.