Japan Nikkei extends losses on Fed aggressive rate hike bets

Japan share market finished lower for third consecutive session on Thursday, 07 April 2022, as investors fretted over prospects of faster U.S. monetary tightening, after minutes from the Fed's March meeting revealed discussions on reducing the size of the central bank's balance sheet over time in a predictable manner.

Meanwhile selloff was also fuelled amid concerns over the war in Ukraine and more sanctions on Moscow. The United States imposed more sanctions on Moscow as Russian forces bombarded Ukrainian cities, while Shanghai extended a strict citywide lockdown to fight a COVID outbreak.

At closing bell, the 225-issue Nikkei Stock Average declined 461.73 points, or 1.69%, to 26,888.570. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 30.01 points, or 1.56%, to 1,892.90.

Shares of tech companies declined on tracking a decline in U.S. peers overnight. Chip giant Tokyo Electron slumped 5.45%. Advantest slumped 5.44%.

Healthcare stocks advanced, led by Astellas Pharma with a 5.8% rally after Jefferies reiterated its "outperform" rating for the stock.

CURRENCY NEWS: The dollar fell past 123.80 yen in Tokyo trading on Thursday. At 5 p.m., the dollar stood at 123.76-76 yen, down from 123.88-88 yen on Wednesday. The euro was at 134.88-89 yen, down from 134.95-96 yen.

Powered by Capital Market - Live News