US long-term yields rose after Fed Chair Warsh's speech. The Nikkei Stock Average rebounded on the back of gains in US stocks, but concerns about downside pressure on Japanese stocks came into focus ahead of the Jackson Hole conference.
The Nikkei Stock Average rebounded on the back of gains in US stocks the previous day. Specifically, strong earnings from NVIDIA and a sharp rally in Salesforce shares prompted buying in semiconductor and technology-related stocks, supporting the market overall.
However, US long-term yields rose after Fed Chair Warsh's speech, and concerns about inflation resurfaced, weighing on Japanese stocks. US long-term yields rose to nearly 4.73% at one point.
In the market's reaction to the speech at the Jackson Hole conference, the possibility of an early rate hike came broadly into focus, and the market centered on technology stocks weakened at times.
In addition, reports emerged of a US military attack on Iran. As concerns about higher crude oil prices mounted, this also affected broader market developments, including oil-related factors.