Tokyo stocks fell sharply for a second straight session on the 2nd, with the Nikkei closing at ¥64,325.64, down ¥1,889.70 from the previous day. Views spread that rising long-term interest rates and higher oil prices had dampened investor sentiment.
The Nikkei Stock Average fell sharply for a second straight session on the 2nd, ending trading broadly lower. It closed at ¥64,325.64, down ¥1,889.70 from the previous day, while TOPIX stood at 4081.60 points and trading volume was approximately 2.41905 billion shares.
Rising long-term interest rates weighed on the market, fuelling concern over the outlook for corporate earnings. The surge in oil prices was also viewed as a factor weighing on investor sentiment.
Selling spread, led by technology stocks that had been bought on expectations of high growth. Some market participants also pointed to concerns across the market that valuations looked excessive relative to growth prospects.