Tokyo stocks open sharply lower for second straight session as rising rates weigh on semiconductor shares
The Tokyo stock market opened sharply lower on the 2nd, with the Nikkei Stock Average falling 1,019 yen from the previous session to 65,195 yen at the open, marking a second straight decline.
Risk-off sentiment intensified in European trading the previous day, sending stocks in Europe and the U.S. broadly lower. All three major U.S. stock indices fell for a third straight session, with the Nasdaq Composite - which has a high weighting of tech stocks - posting the steepest decline. Renewed Middle East tensions drove crude oil prices higher, and mounting global inflation fears pushed yields higher, weighing on equity markets. In Japan, the 10-year government bond yield rose above the key 3% threshold the previous session, and investor sentiment deteriorated amid growing expectations that the Bank of Japan may bring forward its rate-hike timeline. With semiconductor stocks notably weak in U.S. trading, selling pressure on the sector is expected to remain a focal point in Tokyo.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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