The Nikkei Average fell sharply in the morning session. Rate-hike concerns and selling in semiconductor-related stocks led the decline, which deepened in response to moves in the U.S. market.
The Nikkei Average ended the morning session sharply lower, reflecting the performance of the U.S. market at the end of last week. The closing price was approximately ¥1,044 below the previous day at ¥65,361.60, while estimated trading volume was approximately 946.38 million shares.
In the U.S. market, the Dow was down $9.45 at 53,559.99 and the Nasdaq was down 138.93 points at 26,402.42. With markets awaiting a speech by Fed Chair Warsh, rate-hike concerns spread and selling was particularly pronounced in technology stocks.
The Nikkei Average widened its decline after opening, falling more than ¥1,000 by the close of the morning session. Although some stocks, including automakers and electric power companies, attracted buying, this was not enough to support the index.
Among individual stocks, gainers included Fast Retailing, Toyota, Fujikura, Suzuki, Kioxia Holdings, Sony Group, Fujifilm, Secom, Kikkoman, Bandai Namco Holdings, Tokai Carbon, JTEKT, Tokio Marine, Sumitomo Electric and Bridgestone. Decliners included Advantest, Tokyo Electron, SoftBank Group, Ibiden, TDK, Murata Manufacturing, Lasertec, Disco, Chugai Pharmaceutical, Screen Holdings, FANUC, Toyota Tsusho, Konami Group, Ryohin Keikaku and Daiichi Sankyo.
By sector, electric power and gas, mining, and transportation equipment rose, while securities and commodity futures, machinery, and electric appliances declined.