Market Updates
Nikkei 225 Index Down 2% Amid Rate Path and Inflation Anxieties
Akira Ito
14 Jan, 2025
Tokyo
Stock market indexes in Tokyo traded sharply lower after investors returned from a holiday-extended weekend.
The Nikkei 225 stock average fell 2%, and the TOPIX index declined 1.3%, and the market pullback was in line with global market weakness after the stronger-than-expected U.S. jobs growth in December lowered speculation of additional rate cuts by the U.S. Federal Reserve.
Moreover, investors took a cautious view amid growing speculation that the Bank of Japan is likely to revise its estimate of inflation at this month's policy meeting, paving the way for future rate hikes.
Japan Stock Movers
The Nikkei 225 Stock Average declined 2.1% to 38,400.09, and the broader TOPIX index decreased 1.3% to 2,679.44.
Technology stocks led the decliners in Tokyo trading following sharp losses in New York in the previous two sessions.
Tokyo Electron declined 3.8% to ¥26,010.0, Advantest Corp. dropped 8.7% to ¥9,474.0, and Disco Corp. decreased 7.5% to ¥44,460.0.
The yen traded around 157.65 against the U.S. dollar, as the world's reserve currency continued to advance for the second month in a row amid rising U.S. bond yields.
Mitsubishi UFJ Financial Group declined 2.6% to ¥1,854.50, Sumitomo Mitsui Financial decreased 1.3% to ¥3,706.0, and Mizuho Financial Group eased 1.2% to ¥3,838.0.
Fast Retailing Co. Ltd. decreased 2.4% to ¥47,530.0, Seven & I Holdings fell 2.5% to ¥2,429.0, Isetan Mitsukoshi declined 2.2% to ¥2,440.50, and Takashimaya Co. Ltd. eased 0.9% to ¥1,226.0.
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