Tokyo, May 20 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average briefly gave up over 1,200 points in early trading Wednesday, slipping below 60,000 for the first time in about three weeks, as investor sentiment was battered by rising global interest rates. At 9:23 a.m., the Nikkei index of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section stood at 59,292.25, down 1,258.34 points, or 2.08 pct, from Tuesday’s close. Major U.S. stock indexes declined in overnight trading after long-term interest rates rose amid expectations of persistently high resource prices and accelerating inflation. Subsequently, a wide range of stocks in the Tokyo market fell, particularly artificial intelligence-related issues viewed as overvalued in an environment of higher interest rates. END [Copyright The Jiji Press, Ltd.]
Nikkei Average Plunges Over 1,200 Points in Early Trade
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