Tokyo, May 15 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average tumbled on Friday amid rising interest rates in Japan and the United States. The index of 225 select issues listed on the Tokyo Stock Exchange’s top-tier Prime section closed at 61,409.29, down 1,244.76 points, or 1.98 pct, from Thursday. It lost more than 1,700 points temporarily in the afternoon. The broader TOPIX index slid 15.30 points, or 0.39 pct, to 3,863.97. With rising interest rates in Japan and the United States weighing on investor sentiment, selling spread mainly in technology stocks, generally considered overpriced, brokers said. The earnings forecasts of major artificial intelligence-linked company Fujikura announced the previous day were “disappointing,” an official of a bank-linked securities house said. “Profit-taking continued to hit mainly tech names Friday.” In interdealer bond trading Friday, the benchmark 10-year Japanese government bond yield, a key long-term interest rate, hit a 29-year high of 2.73 pct. END [Copyright The Jiji Press, Ltd.]
Nikkei Average Tumbles amid Rising Interest Rates
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