Japan Nikkei extends losses on global recession fears

Japan share market finished lower for third straight session on Monday, 19 December 2022, on following the broadly negative cues from global markets last Friday, as interest rate hikes by several central banks, including the US Fed, the Bank of England, and the European Central Bank, as well as the hawkish tone from them have fueled concerns over potential recessions.

Selloff pressure also fueled amid renewed speculation that the Bank of Japan (BoJ) could tighten its ultra-loose monetary policy.

Stocks fell almost across the board, with mining, marine transportation, precious instruments, transportation equipment, oil & coal products, and pharmaceutical issues leading the decline.

At closing bell, the 225-issue Nikkei Stock Average index declined by 289.48 points, or 1.05%, to 27,237.64. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 14.80 points, or 0.76%, to 1,935.41.

CURRENCY NEWS: The Japanese yen stood at 135.84 against US dollar in Asian trade on Monday, appreciated 0.63% from Friday's close of 136.69, after trading in the range between 135.76-136.61. the appreciation of yen came after reports stated the Japanese government is considering the revision of the BoJ's inflation target, a move that could eventually see the central bank raise rates from record-low levels.

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