The Nikkei Average traded around ¥910 below the previous day’s level during the morning session on the 21st. Selling led the market against a backdrop of rising US long-term yields, and the index remained weak thereafter.
The Nikkei Average traded around ¥910 below the previous day’s level on the morning of the 21st, with selling leading the market after US long-term interest rates rose in the US market on the 20th. The index fell to around ¥65,260 at 10:06 a.m., and selling appeared likely to spread further from around the closing level that evening.
By sector, 17 of the 33 sectors declined. Notable decliners included machinery stocks DISCO and Mitsubishi Heavy Industries, and precision instruments stocks Nikon and HOYA. Meanwhile, shipping stocks NYK Line and Kawasaki Kisen Kaisha, along with mining stocks INPEX and Japan Petroleum Exploration, were rising.
Aeon and Fast Retailing were among the retail stocks that advanced, while nonferrous metals and steel stocks remained weak. Pharmaceutical stocks Chugai Pharmaceutical and Daiichi Sankyo also remained soft, adding to the overall decline.
In the Tokyo foreign exchange market, dollar-yen moved into the ¥159 range and euro-yen into the upper ¥185 range, both indicating a weaker yen. The Nikkei Average is expected to remain susceptible to movements in the US market.
The report was provided by Wealth Advisor Co., Ltd. as a flash update focused on movements in the Nikkei Average and other market information.