In the Tokyo market on 1 September, the Nikkei 225 began afternoon trading at ¥66,134.01, down ¥177.92 from the previous day. While losses narrowed from the sharp decline in the morning session, rising long-term interest rates remained a drag on the market.
At the afternoon-session open, the Nikkei 225 stood at ¥66,134.01, down ¥177.92 from the previous day. The index continued to narrow its losses from the level at the morning close, while Nikkei 225 futures traded in a firm, range-bound pattern during the lunch break.
The dollar-yen exchange rate moved around ¥159.70 to approximately ¥159.80, while the Shanghai Composite was flat and the Hang Seng Index was soft in Asian trading. Rising domestic long-term interest rates remained a concern and a drag on the equity market.
Among the stocks with the highest trading value on the TSE Prime Market, Furukawa Electric, SUMCO, Fujikura and Mitsui Mining & Smelting were among the decliners, with notable weakness in nonferrous metals and wire and cable stocks. Meanwhile, Tokyo Electric Power Company Holdings, Kansai Electric Power, Nippon Steel, JFE Holdings and Toyota Motor were among the advancers.
By sector, nonferrous metals and metal products led the declines, while iron and steel, electric power and gas, and mining ranked among the top-performing sectors, with funds shifting toward power and materials-related stocks.
Following the decline in the previous day's US market, the Tokyo market opened lower in the morning. However, the Nikkei 225 showed signs of rebounding from its early-session low, and the afternoon session's direction is expected to depend on long-term interest rates and developments in Asian markets.