The Nikkei Average fell for the second consecutive session in Tokyo trading on the 21st. The morning session closed at ¥66,008, down ¥208 from the previous day, as some retail stocks extended their declines amid rising long-term US yields and the previous day's drop in US stocks. Walmart's sharp decline in the US was reportedly unsettling consumer-related stocks.
The Nikkei Average extended its decline early in Tokyo trading on the 21st. The downward trend following the previous day's drop in US markets continued, with losses widening toward the close. The news report focuses on the level and market movements during the morning session.
The rise in long-term US yields was again cited as a factor behind the decline, affecting the Japanese market as well. The resulting spillover from weaker US stocks weighed on sentiment in the domestic market.
Among individual stocks, retail names were cited as examples of decliners, with movements in major retailers such as Fast Retailing appearing to weigh on the broader market.
The sharp drop in Walmart, a closely watched stock in the US market, was cited as a background factor, with some pointing to an impact on consumer-related stocks in Japan. Prolonged high prices in Japan and the resulting weakness in personal consumption were viewed as downward pressure on the economy as a whole.