The Japanese stock market ended its session lower on Friday, March 11, 2022, after following a massive sell-off on Wall Street overnight fueled by fears of a protracted conflict in Ukraine after the first ceasefire talks in A face-off between Ukrainian Foreign Minister Dmytro Kuleba and his Russian counterpart Sergei Lavrov in Turkey ended with no progress amid the ongoing invasion of Moscow.
Meanwhile, the selling momentum intensified further amid inflation concerns, which were exacerbated by a report from the Labor Department showing the annual rate of growth in consumer prices has accelerated. to reach the highest rate since January 1982, bolstering expectations that the Federal Reserve will raise key interest rates at its meeting next week to prevent the economy from overheating.
At the close, the 225-number Nikkei Stock Average fell 527.62 points, or 2.05%, to 25,162.78. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 30.49 points, or 1.67%, to 1,799.54.
A total of 21 out of 33 TSE emissions decreased, with the lowest performing industry category being electricity and gas, shipping, precision instruments, pharmaceuticals, services, warehousing and port transportation and petroleum and coal products emissions, while the best performing industry category included rubber products, air transportation, banking, and transportation equipment issues.
Among individual stocks, Fast Retailing fell 2.55% after announcing that its casual clothing company Uniqlo would suspend operations in Russia, reversing an earlier decision to keep its stores in the country open.
Toyota plunged 5% as a report said the auto giant will cut domestic production in April by 20% from earlier plans.
Toshiba fell 1.6% after an influential consultancy opposed the company’s plan to split into two.
CURRENCY NEWS: The Japanese yen depreciated to the upper level of 116 against the greenback on Friday as demand for high-yield units picked up after the United States
Treasury yields rose overnight on data suggesting accelerating inflation, bolstering expectations that the US Federal Reserve will take a more hawkish stance in order to fight inflation. The Japanese yen was trading at 116.71 to the dollar, still weaker than the sub-115.5 levels seen against the greenback earlier this week.
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