Tokyo, Dec. 1 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average shed nearly 900 points in morning trading Monday, amid growing speculation of an early interest rate hike by the Bank of Japan. The Nikkei average finished the morning at 49,407.31, down 846.60 points, or 1.68 pct, from Friday’s close. The broader TOPIX index fell 33.96 points, or 1.01 pct, to 3,344.48. The speculation also dampened the bond market, with the key 10-year Japanese government bond yield surging as high as 1.850 pct, the highest level since June 17, 2008. Meanwhile, the yen strengthened to 155.50-50 per dollar at noon, against 156.28-31 at 5 p.m. Friday. During a speech on Monday morning, BOJ Governor Kazuo Ueda said that the central bank will make an “appropriate decision” on whether to raise interest rates at its Dec. 18-19 policy-setting meeting. END [Copyright The Jiji Press, Ltd.]
Nikkei Average Drops Nearly 900 Points in Morning
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