The Nikkei 225 fell for a second consecutive session in Tokyo stock trading on the morning of the 2nd, dropping more than ¥1,900 at one point and falling below ¥65,000. Rising long-term interest rates, higher oil prices and movements in the dollar-yen rate weighed on the market, resulting in an across-the-board decline.
The Nikkei 225 continued to fall in morning trading on the 2nd, dropping more than ¥1,900 at one point and trading below ¥65,000. The TOPIX also fell sharply in an across-the-board decline.
The yield on the newly issued 10-year government bond rose against a backdrop of higher long-term interest rates. Concern spread across the market about deteriorating earnings, particularly among technology stocks, prompting broad-based selling.
Soaring oil prices also weighed on investor sentiment, while concerns related to crude oil prompted risk aversion across the market. The dollar-yen rate traded in the low ¥160s per dollar.
Among individual stocks, SoftBank Group and Tokyo Electron, which have a significant impact on stock indexes, stood out for their declines.