Tokyo stocks opened on the 31st with heavy selling. The Nikkei average plunged ¥737 from the previous day to ¥65,668, as market conditions in the US and Europe and a speech by Fed Chair Warsh fueled a broad risk-off mood.
Tokyo stocks opened on the 31st with heavy selling, with the Nikkei average starting ¥737 below the previous day at ¥65,668.
European shares were broadly higher, but US stocks were lackluster, particularly in the technology sector, creating a headwind for the Tokyo market as well.
Warsh's speech was viewed as hawkish, and expectations grew that the FOMC could raise interest rates in September.
The yen weakened during trading hours, with the dollar rising to the ¥160 level. The market was expected to focus on the potential for dip-buying after the selling subsided.