The Nikkei Average fell by more than 2,000 yen during the morning session, with concerns over corporate earnings spreading as crude oil prices rose above $100. There is growing speculation that turmoil in Shanghai and the Middle East is also having an impact.
The Nikkei Average fell in the Tokyo stock market, dropping more than 2,000 yen from the previous day's close during the morning session to reach the ¥63,200 range. Crude oil prices reached the $100-per-barrel range for the first time since May, heightening concerns about the impact on inflation and corporate earnings and pushing down stock prices.
WTI crude oil futures, the benchmark for crude oil in the U.S. market, ended trading above $102, creating a source of concern for stock markets in Japan and the United States. Some observers have pointed to heightened caution over escalating tensions in the Middle East as a factor behind the move.
In response, major stock indexes in the New York stock market continued to fall, and the Dow Average declined for a fourth consecutive day based on the calculation of relevant data. There is growing speculation that concerns over higher crude oil prices are weighing on stock markets through rising long-term interest rates and inflationary pressure.
The Nikkei Average opened at ¥64,276.82, down ¥994.13 from the previous day's close, and subsequently extended its losses. Selling prevailed, particularly in AI- and semiconductor-related stocks, while securities analysts have pointed out that uncertainty over the impact of higher crude oil prices is weighing on stock prices.
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