Market Update
Tech Sell-Off On Wall Street Intensified In Tuesday's Trading
Barry Adams
23 Jun, 2026
New York City
Stocks in New York continued their downward slide for the second session in a row as the sell-off in tech stocks intensified.
The S&P 500 Index decreased 1.4%, and the tech-heavy Nasdaq Composite declined 2.8%, driven by losses in memory-related stocks.
On Monday's trading, the S&P 500 index closed down 0.4%, and the tech-heavy Nasdaq Composite dropped 1.3% following larger losses in Alphabet and SpaceX.
On Monday, tech stocks came under pressure, and SpaceX plunged 16% after the company announced a $20 billion bond offering, and Alphabet Inc. dropped 5% after another leading AI researcher announced they would leave for a rival.
Monday's losses kicked off a global sell-off, with the benchmark index in South Korea plunging 10% and the Nikkei 225 stock average dropping 3.6% at the close of regular trading on Tuesday.
The global rout in memory stocks reverberated to stocks in Europe and New York.
In New York, Micron Technology dropped 10%, SanDisk declined 9%, while electronic component maker Seagate decreased 7%, and AMD and Intel fell around 6%.
In Europe, Infineon Technologies declined 6%, ASML Holding fell 4.8%, and STMicroelectronics dropped 7.7%.
Benchmark indexes in Germany fell 1.3%, in Italy declined 1.4%, and in France decreased 0.8%. Market indexes in London fell 0.4% as traders grappled with yet another premature departure of the UK's prime minister.
U.S. Movers
The earnings calendar is likely to dominate trading later in the week, amid an intensifying sell-off in semiconductor- and AI-related stocks.
Kon Ferry, FedEx, and Carnival are scheduled to release their quarterly updates later today, and Micron Technology, Darden Restaurants, Winnebago, and BlackBerry are scheduled to release their results on Wednesday.
SpaceX rebounded as much as 2.6% to $158.59 in early trading on Tuesday after the technology-focused company lost altitude in two previous sessions.
Tech Sell-Off On Wall Street Intensified In Tuesday's Trading
Barry Adams
23 Jun, 2026
New York City
Stocks in New York continued their downward slide for the second session in a row as the sell-off in tech stocks intensified.
The S&P 500 Index decreased 1.4%, and the tech-heavy Nasdaq Composite declined 2.8%, driven by losses in memory-related stocks.
On Monday's trading, the S&P 500 index closed down 0.4%, and the tech-heavy Nasdaq Composite dropped 1.3% following larger losses in Alphabet and SpaceX.
On Monday, tech stocks came under pressure, and SpaceX plunged 16% after the company announced a $20 billion bond offering, and Alphabet Inc. dropped 5% after another leading AI researcher announced they would leave for a rival.
Monday's losses kicked off a global sell-off, with the benchmark index in South Korea plunging 10% and the Nikkei 225 stock average dropping 3.6% at the close of regular trading on Tuesday.
The global rout in memory stocks reverberated to stocks in Europe and New York.
In New York, Micron Technology dropped 10%, SanDisk declined 9%, while electronic component maker Seagate decreased 7%, and AMD and Intel fell around 6%.
In Europe, Infineon Technologies declined 6%, ASML Holding fell 4.8%, and STMicroelectronics dropped 7.7%.
Benchmark indexes in Germany fell 1.3%, in Italy declined 1.4%, and in France decreased 0.8%. Market indexes in London fell 0.4% as traders grappled with yet another premature departure of the UK's prime minister.
U.S. Movers
The earnings calendar is likely to dominate trading later in the week, amid an intensifying sell-off in semiconductor- and AI-related stocks.
Kon Ferry, FedEx, and Carnival are scheduled to release their quarterly updates later today, and Micron Technology, Darden Restaurants, Winnebago, and BlackBerry are scheduled to release their results on Wednesday.
SpaceX rebounded as much as 2.6% to $158.59 in early trading on Tuesday after the technology-focused company lost altitude in two previous sessions.
Japan's Nikkei 225 Plunged 3%, June's Factory Activities Expanded
Akira Ito
23 Jun, 2026
Tokyo
Japan's benchmark indexes dropped amid profit-taking in high-flying AI-related stocks.
The Nikkei 225 Stock Average plunged more than 3%, the broader TOPIX decreased more than 2%, and the yen traded at 161.73 against the U.S. dollar.
AI and semiconductor stocks plunged as investors booked profit, and the sector mirrored sharp losses in overnight trading in New York.
In New York, the S&P 500 Index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 1.3% driven by sharp losses in high-flying AI-linked stocks.
Tech stocks came under pressure, and SpaceX plunged 16% after the company announced a $20 billion bond offering, and Alphabet Inc. dropped 5% after another leading AI researcher announced they would leave for a rival.
On the domestic economic front, a private survey showed factory activities expanded for the sixth consecutive month in June, driven by a faster growth in output and new orders.
The S&P Global Japan Manufacturing PMI increased to 54.9 in June from 54.5 in May, according to S&P Global.
Sales advanced at the fastest pace since January 2022, largely driven by customers building inventories in anticipation of prolonged supply disruptions in the Middle East.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 3.2% to 70,012.72, and the broader TOPIX declined 2.2% to 4,003.01.
SoftBank Group plunged 10%, Tokyo Electron decreased 5.1%, Advantest Corp. declined 1.8%, and Lasertec Corp. fell 9.6%.
Nippon Yusen increased 1.1%, Mitsui OSK Lines edged up 0.7%, and Kawasaki Kisen Kaisha advanced 0.5%.
Financial services providers traded down amid general market weakness and growing possibilities of another rate hike later in the year.
Sumitomo Mitsui Financial eased 2%, Mizuho Financial fell 2.8%, and Mitsubishi UFJ Financial decreased 2.7%.
Japan's Nikkei 225 Plunged 3%, June's Factory Activities Expanded
Akira Ito
23 Jun, 2026
Tokyo
Japan's benchmark indexes dropped amid profit-taking in high-flying AI-related stocks.
The Nikkei 225 Stock Average plunged more than 3%, the broader TOPIX decreased more than 2%, and the yen traded at 161.73 against the U.S. dollar.
AI and semiconductor stocks plunged as investors booked profit, and the sector mirrored sharp losses in overnight trading in New York.
In New York, the S&P 500 Index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 1.3% driven by sharp losses in high-flying AI-linked stocks.
Tech stocks came under pressure, and SpaceX plunged 16% after the company announced a $20 billion bond offering, and Alphabet Inc. dropped 5% after another leading AI researcher announced they would leave for a rival.
On the domestic economic front, a private survey showed factory activities expanded for the sixth consecutive month in June, driven by a faster growth in output and new orders.
The S&P Global Japan Manufacturing PMI increased to 54.9 in June from 54.5 in May, according to S&P Global.
Sales advanced at the fastest pace since January 2022, largely driven by customers building inventories in anticipation of prolonged supply disruptions in the Middle East.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 3.2% to 70,012.72, and the broader TOPIX declined 2.2% to 4,003.01.
SoftBank Group plunged 10%, Tokyo Electron decreased 5.1%, Advantest Corp. declined 1.8%, and Lasertec Corp. fell 9.6%.
Nippon Yusen increased 1.1%, Mitsui OSK Lines edged up 0.7%, and Kawasaki Kisen Kaisha advanced 0.5%.
Financial services providers traded down amid general market weakness and growing possibilities of another rate hike later in the year.
Sumitomo Mitsui Financial eased 2%, Mizuho Financial fell 2.8%, and Mitsubishi UFJ Financial decreased 2.7%.
China's indexes Closed Down In Lackluster Trading, Knowledge Atlas In Focus
Li Chen
23 Jun, 2026
Hong Kong
Stocks in China mirrored the U.S. market decline in overnight trading in New York, and tech stocks led the decliners in Hong Kong and mainland China.
The Hang Seng Index decreased 1.1%, and the mainland-focused CSI 300 Index dropped 1.5%.
In New York, the S&P 500 Index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 1.3% driven by sharp losses in high-flying AI-linked stocks.
Tech stocks came under pressure, and SpaceX plunged 16% after the company announced a $20 billion bond offering, and Alphabet Inc. dropped 5% after another leading AI researcher announced they would leave for a rival.
In domestic trading, market sentiment remained cautious as investors reviewed the progress of U.S.-Iran peace talks, which could pave the way for the resumption of commercial shipments through the Strait of Hormuz.
China Indexes and Stocks
The Hang Seng Index decreased 1.1% to 23,499.88, and the mainland-focused CSI 300 Index fell 1.5% to 4,982.18.
Hygon Information Technology, Eoptolink, Victory Giant, and SMIC dropped between 0.6% and 2%.
Knowledge Atlas Technology skyrocketed as much as 42% in Monday's trading but gave up 11% on Tuesday and eased to HK $2,136.0.
The operator of Zhipu AI shot up on Monday after the company announced the release of a new GLM-5.2 model.
Moreover, the company removed discounts, lifting the revenue outlook substantially.
The company listed its stock on the Hong Kong Stock Exchange at HK$115 a share and raised approximately HK$4.4 billion on December 30, 2025.
China's indexes Closed Down In Lackluster Trading, Knowledge Atlas In Focus
Li Chen
23 Jun, 2026
Hong Kong
Stocks in China mirrored the U.S. market decline in overnight trading in New York, and tech stocks led the decliners in Hong Kong and mainland China.
The Hang Seng Index decreased 1.1%, and the mainland-focused CSI 300 Index dropped 1.5%.
In New York, the S&P 500 Index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 1.3% driven by sharp losses in high-flying AI-linked stocks.
Tech stocks came under pressure, and SpaceX plunged 16% after the company announced a $20 billion bond offering, and Alphabet Inc. dropped 5% after another leading AI researcher announced they would leave for a rival.
In domestic trading, market sentiment remained cautious as investors reviewed the progress of U.S.-Iran peace talks, which could pave the way for the resumption of commercial shipments through the Strait of Hormuz.
China Indexes and Stocks
The Hang Seng Index decreased 1.1% to 23,499.88, and the mainland-focused CSI 300 Index fell 1.5% to 4,982.18.
Hygon Information Technology, Eoptolink, Victory Giant, and SMIC dropped between 0.6% and 2%.
Knowledge Atlas Technology skyrocketed as much as 42% in Monday's trading but gave up 11% on Tuesday and eased to HK $2,136.0.
The operator of Zhipu AI shot up on Monday after the company announced the release of a new GLM-5.2 model.
Moreover, the company removed discounts, lifting the revenue outlook substantially.
The company listed its stock on the Hong Kong Stock Exchange at HK$115 a share and raised approximately HK$4.4 billion on December 30, 2025.
U.S. Stocks Traded Higher as U.S.-Iran Negotiators Search for Elusive Durable Peace Agreement
Barry Adams
22 Jun, 2026
New York City
Stocks on Wall Street traded higher, and investors returned from a three-day holiday.
The U.S. stock exchanges were closed on Friday for the Juneteenth holiday.
The S&P 500 Index increased 0.5%, and the tech-dominated Nasdaq Composite advanced 0.6% as investors overlooked lingering uncertainty in the Middle East.
Tensions escalated in the Gulf region while negotiators from the U.S. and Iran talked in Switzerland in search of a durable peace agreement.
Crude oil erased early gains and turned sharply lower after Qatar and Pakistan said that the U.S. and Iranian negotiators had agreed on a roadmap with a goal of reaching a final agreement over the next 60 days.
The U.S. West Texas Intermediate crude oil price decreased 2.6% to $75.36 a barrel, and the international Brent crude oil price declined 1.6% to $79.31 a barrel.
For now, crude oil traffic through the Strait of Hormuz remains sharply curtailed as the U.S. and Iran assert control over the narrow passageway used by Gulf nations to deliver more than 15 million barrels of crude oil to international markets.
The Strait of Hormuz has effectively remained paralyzed since February 28, or 115 days, as the region is deemed a high-risk zone for maritime shipping as insurance companies stopped providing coverage.
Benchmark indexes in London, UK, traded around the flatline after the prime minister, Keir Starmer, announced his resignation following steep losses in local elections and a decisive by-election victory by rival Andy Burnham.
The pound weakened to $1.32 against the U.S. dollar, and the yield on 10-year bonds eased to 4.82%, reflecting that Starmer's decision was already priced in after Burnham's win on Friday.
The U.K. is heading for its seventh prime minister in ten years as political turmoil grips the nation, which is struggling to regain its economic momentum amid high energy prices, a cost of living crisis, and record high debt.
On the economic front, investors are awaiting the release of May's personal consumption expenditures price index on Thursday, the Fed's preferred inflation measure, which generally understates price pressures in the economy.
The core rate of inflation is likely to advance from April, as goods and fuel inflation spills over to the services segment of the economy.
U.S. Movers
SpaceX decreased 4.4% to $176.38, and the stock extended its losses for the third session after surging as much as 50% from its initial public offering price of $135 on June 12.
Exxon Mobil Corp. increased 1% to $138.84, Chevron Corp. advanced 1% to $175.54, and ConocoPhillips jumped 2% to $109.93.
U.S. Stocks Traded Higher as U.S.-Iran Negotiators Search for Elusive Durable Peace Agreement
Barry Adams
22 Jun, 2026
New York City
Stocks on Wall Street traded higher, and investors returned from a three-day holiday.
The U.S. stock exchanges were closed on Friday for the Juneteenth holiday.
The S&P 500 Index increased 0.5%, and the tech-dominated Nasdaq Composite advanced 0.6% as investors overlooked lingering uncertainty in the Middle East.
Tensions escalated in the Gulf region while negotiators from the U.S. and Iran talked in Switzerland in search of a durable peace agreement.
Crude oil erased early gains and turned sharply lower after Qatar and Pakistan said that the U.S. and Iranian negotiators had agreed on a roadmap with a goal of reaching a final agreement over the next 60 days.
The U.S. West Texas Intermediate crude oil price decreased 2.6% to $75.36 a barrel, and the international Brent crude oil price declined 1.6% to $79.31 a barrel.
For now, crude oil traffic through the Strait of Hormuz remains sharply curtailed as the U.S. and Iran assert control over the narrow passageway used by Gulf nations to deliver more than 15 million barrels of crude oil to international markets.
The Strait of Hormuz has effectively remained paralyzed since February 28, or 115 days, as the region is deemed a high-risk zone for maritime shipping as insurance companies stopped providing coverage.
Benchmark indexes in London, UK, traded around the flatline after the prime minister, Keir Starmer, announced his resignation following steep losses in local elections and a decisive by-election victory by rival Andy Burnham.
The pound weakened to $1.32 against the U.S. dollar, and the yield on 10-year bonds eased to 4.82%, reflecting that Starmer's decision was already priced in after Burnham's win on Friday.
The U.K. is heading for its seventh prime minister in ten years as political turmoil grips the nation, which is struggling to regain its economic momentum amid high energy prices, a cost of living crisis, and record high debt.
On the economic front, investors are awaiting the release of May's personal consumption expenditures price index on Thursday, the Fed's preferred inflation measure, which generally understates price pressures in the economy.
The core rate of inflation is likely to advance from April, as goods and fuel inflation spills over to the services segment of the economy.
U.S. Movers
SpaceX decreased 4.4% to $176.38, and the stock extended its losses for the third session after surging as much as 50% from its initial public offering price of $135 on June 12.
Exxon Mobil Corp. increased 1% to $138.84, Chevron Corp. advanced 1% to $175.54, and ConocoPhillips jumped 2% to $109.93.
Japan's Indexes Closed at New Record Highs, Yen Sank Closer to a Four-Decade Low
Akira Ito
22 Jun, 2026
Tokyo
Japan's benchmark indexes scaled new record highs in Monday's trading, driven by the continued rise in AI-linked stocks.
The Nikkei 225 Stock Average jumped as much as 2%, and the broader TOPIX increased 1.3%, and the yen approached a four-decade low and traded at 161.55 against the U.S. dollar.
AI- and semiconductor-linked stocks led the charge as domestic companies are viewed as key beneficiaries of the global artificial intelligence infrastructure boom.
Domestic stocks advanced despite volatile crude oil prices after tensions in the Middle East rose during the first day of talks between the U.S. and Iran.
The yen continued its downward slide despite verbal intervention by the Japanese authorities. Finance Minister Satsuki Katayama reiterated the earlier warning and said that the ministry is ready to take appropriate actions against excessive currency moves at any time.
Investors are anticipating the release of the Bank of Japan's Summary of Opinions from its June meeting and business surveys for insights into economic conditions.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.7% to 72,476.05, and the TOPIX added 1.3% to 4,096.11.
Furukawa Electric jumped 8.8%, Murata Manufacturing gained 4.9%, Ibiden Co. soared 9.8%, and SoftBank Group added 2.2%.
Nippon Yusen added 0.7%, Mitsui OSK Lines increased 0.9%, and Kawasaki Kisen Kaisha inched up 1.8%.
Japan's Indexes Closed at New Record Highs, Yen Sank Closer to a Four-Decade Low
Akira Ito
22 Jun, 2026
Tokyo
Japan's benchmark indexes scaled new record highs in Monday's trading, driven by the continued rise in AI-linked stocks.
The Nikkei 225 Stock Average jumped as much as 2%, and the broader TOPIX increased 1.3%, and the yen approached a four-decade low and traded at 161.55 against the U.S. dollar.
AI- and semiconductor-linked stocks led the charge as domestic companies are viewed as key beneficiaries of the global artificial intelligence infrastructure boom.
Domestic stocks advanced despite volatile crude oil prices after tensions in the Middle East rose during the first day of talks between the U.S. and Iran.
The yen continued its downward slide despite verbal intervention by the Japanese authorities. Finance Minister Satsuki Katayama reiterated the earlier warning and said that the ministry is ready to take appropriate actions against excessive currency moves at any time.
Investors are anticipating the release of the Bank of Japan's Summary of Opinions from its June meeting and business surveys for insights into economic conditions.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.7% to 72,476.05, and the TOPIX added 1.3% to 4,096.11.
Furukawa Electric jumped 8.8%, Murata Manufacturing gained 4.9%, Ibiden Co. soared 9.8%, and SoftBank Group added 2.2%.
Nippon Yusen added 0.7%, Mitsui OSK Lines increased 0.9%, and Kawasaki Kisen Kaisha inched up 1.8%.
PBoC Held Prime Rates Amid Clouded Economic Growth Outlook
Li Chen
22 Jun, 2026
Hong Kong
Stocks in China diverged, and investors returned from a three-day weekend and reviewed the latest rate decisions.
The Hang Seng Index decreased 1%, and the mainland-focused CSI 300 Index increased 0.7% amid lingering uncertainty in the Middle East and mixed domestic economic data.
The People's Bank of China held its loan prime rates steady for the thirteenth month in a row following mixed economic data released last week.
Policymakers left the one-year rate at 3.0% and the five-year rate at 3.5% as retail spending growth, urban jobless rate, and residential property market investment data confirmed the weakening economic growth outlook.
Across Asia, benchmark indexes advanced, and AI- and semiconductor-linked stocks led gainers in Tokyo, Seoul, and Taipei.
Financial markets in New York are likely to trade volatile as investors return from a three-day holiday on Monday, and ongoing uncertainty in the Middle East is likely to keep gains in check.
Brent crude oil prices fell 1.6% to $79.26 a barrel, and conflicting messages from the U.S. and Iran kept oil traders on edge. Israel and Lebanon-based Hezbollah exchanged fire, upending the peace talks in Switzerland.
China Indexes and Stocks
The Hang Seng Index dropped 1% to 23,691.01, and the mainland-focused CSI 300 Index increased 0.7% to 4,976.15.
Financial services providers extended the previous week's losses after the central bank held rates steady.
The Industrial and Commercial Bank of China decreased 0.4%, Agricultural Bank of China gained 0.2%, and China Construction Bank fell 0.5% in Hong Kong trading.
Alibaba Group decreased 2.6%, Tencent Holdings declined 1.5%, and Meituan fell 1.4%.
PBoC Held Prime Rates Amid Clouded Economic Growth Outlook
Li Chen
22 Jun, 2026
Hong Kong
Stocks in China diverged, and investors returned from a three-day weekend and reviewed the latest rate decisions.
The Hang Seng Index decreased 1%, and the mainland-focused CSI 300 Index increased 0.7% amid lingering uncertainty in the Middle East and mixed domestic economic data.
The People's Bank of China held its loan prime rates steady for the thirteenth month in a row following mixed economic data released last week.
Policymakers left the one-year rate at 3.0% and the five-year rate at 3.5% as retail spending growth, urban jobless rate, and residential property market investment data confirmed the weakening economic growth outlook.
Across Asia, benchmark indexes advanced, and AI- and semiconductor-linked stocks led gainers in Tokyo, Seoul, and Taipei.
Financial markets in New York are likely to trade volatile as investors return from a three-day holiday on Monday, and ongoing uncertainty in the Middle East is likely to keep gains in check.
Brent crude oil prices fell 1.6% to $79.26 a barrel, and conflicting messages from the U.S. and Iran kept oil traders on edge. Israel and Lebanon-based Hezbollah exchanged fire, upending the peace talks in Switzerland.
China Indexes and Stocks
The Hang Seng Index dropped 1% to 23,691.01, and the mainland-focused CSI 300 Index increased 0.7% to 4,976.15.
Financial services providers extended the previous week's losses after the central bank held rates steady.
The Industrial and Commercial Bank of China decreased 0.4%, Agricultural Bank of China gained 0.2%, and China Construction Bank fell 0.5% in Hong Kong trading.
Alibaba Group decreased 2.6%, Tencent Holdings declined 1.5%, and Meituan fell 1.4%.
Fuel Subsidies Keep Japan's Inflation In Check In May
Akira Ito
19 Jun, 2026
Tokyo
Stocks in Japan closed lower on Friday's trading, and investors reviewed the latest inflation update.
The Nikkei 225 Stock Average decreased 0.4%, the broader TOPIX declined 1.0%, and the Japanese yen weakened to a new two-year low of 161.37 against the U.S. dollar.
Japan's overall inflation edged up in May but stayed well below the central bank's target rate of 2% for the fourth consecutive month.
Overall inflation accelerated to 1.5% from 1.4% in April, and the core rate, which excludes volatile food prices, held steady at 1.4%, according to the latest update from the Ministry of Internal Affairs & Communications.
The government subsidies for energy products capped the upside for core inflation.
Core-core inflation, which excludes food and energy prices, edged up 1.8% in May.
Food prices, excluding fresh items, increased 3.5%, slower than a 4.1% rise in the previous month, and inflation slowed for the 10th consecutive month.
Rice prices declined 4.9% and turned lower for the first time since November 2022 but stayed elevated, largely because of increasing inventory.
Earlier in the week, the Bank of Japan lifted its short-term rate to a 31-year high of 1.0%, and the consumer price data is among the key data points in deciding the rate actions to achieve its long-term inflation target of 2%.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.4% to 70,768.60, and the broader TOPIX declined 1% to 4,029.19.
The global rally in semiconductor and AI-related stocks powered the local stocks higher, and financial, industrial, and consumer stocks traded down.
Nippon Yusen decreased 2.1%, Kawasaki Kishen Kaisa declined 1.5%, and Mitsui O.S.K. Lines fell 1.6%.
Sumitomo Mitsui Financial decreased 3.3%, Mitsubishi UFJ Financial dropped 2.9%, and Mizuho Financial fell 4%.
Fuel Subsidies Keep Japan's Inflation In Check In May
Akira Ito
19 Jun, 2026
Tokyo
Stocks in Japan closed lower on Friday's trading, and investors reviewed the latest inflation update.
The Nikkei 225 Stock Average decreased 0.4%, the broader TOPIX declined 1.0%, and the Japanese yen weakened to a new two-year low of 161.37 against the U.S. dollar.
Japan's overall inflation edged up in May but stayed well below the central bank's target rate of 2% for the fourth consecutive month.
Overall inflation accelerated to 1.5% from 1.4% in April, and the core rate, which excludes volatile food prices, held steady at 1.4%, according to the latest update from the Ministry of Internal Affairs & Communications.
The government subsidies for energy products capped the upside for core inflation.
Core-core inflation, which excludes food and energy prices, edged up 1.8% in May.
Food prices, excluding fresh items, increased 3.5%, slower than a 4.1% rise in the previous month, and inflation slowed for the 10th consecutive month.
Rice prices declined 4.9% and turned lower for the first time since November 2022 but stayed elevated, largely because of increasing inventory.
Earlier in the week, the Bank of Japan lifted its short-term rate to a 31-year high of 1.0%, and the consumer price data is among the key data points in deciding the rate actions to achieve its long-term inflation target of 2%.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.4% to 70,768.60, and the broader TOPIX declined 1% to 4,029.19.
The global rally in semiconductor and AI-related stocks powered the local stocks higher, and financial, industrial, and consumer stocks traded down.
Nippon Yusen decreased 2.1%, Kawasaki Kishen Kaisa declined 1.5%, and Mitsui O.S.K. Lines fell 1.6%.
Sumitomo Mitsui Financial decreased 3.3%, Mitsubishi UFJ Financial dropped 2.9%, and Mizuho Financial fell 4%.