Nikkei Ends Below 60,000 for 1st Time since May 1

Tokyo, May 20 (Jiji Press)–Japanese stocks fell in Tokyo trading Wednesday, driven lower by rising interest rates globally, sending the benchmark Nikkei 225 average below 60,000 for the first time in about three weeks. The Nikkei index closed at 59,804.41, down 746.18 points, or 1.23 pct, marking its first finish below 60,000 since May 1 and the fifth straight session of decline. The broader TOPIX index lost 59.02 points, or 1.53 pct, to 3,791.65. Stocks were pressured by concerns about higher inflation as the prolonged war in Iran leaves oil prices elevated. Major U.S. stock indexes dropped on Tuesday as the yield on 10-year Treasury notes briefly climbed to 4.68 pct, the highest level since January 2025. In Tokyo trading, some 80 pct of issues in the Tokyo Stock Exchange’s top-tier Prime section declined. Artificial intelligence-linked stocks dropped in particular as they were viewed as overvalued amid higher interest rates. Stocks come under pressure from selling aimed at liquidating positions as AI-related issues, which had been supporting the market, started falling, an official of a Japanese securities firm said. END [Copyright The Jiji Press, Ltd.]