Market Updates
Rising Yen and Tech Weakness Dragged Down Nikkei 225 Index
Akira Ito
07 Mar, 2025
Tokyo
Stock market indexes in Tokyo plunged more than 2% following steep losses in tech stocks in overnight trading on Wall Street.
The Nikkei 225 stock average dropped 2.2%, and the broader TOPIX declined 1.6% after semiconductor-linked stocks plunged amid weakness in New York.
Market indexes were also under pressure in the growing belief that the Bank of Japan is more likely to raise interest rates at the next meeting later in the month.
Economy Minister Ryosei Azakawa said that Japan is set to officially declare the end of long-term deflation, shifting the government's stance on the economy.
The yen closed at 147.47 against the U.S. dollar in choppy trading and extended this year's gain to 5%.
Japan has been struggling with long-term deflation for nearly three decades, forcing the central bank to keep negative interest rates for eight years between March 2016 and March 2024.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 2.2% to 36,887.17, and the broader TOPIX dropped 1.6% to 2,708.59.
Stocks in Tokyo fell sharply across the board, and export-sensitive stocks led the decliners.
Sony Group Corp. fell 4.4% to ¥3,569.0, IHI Corp. fell 5% to ¥10,835.0, and Nintendo dropped 9% to ¥10,335.0.
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