Japanese Market Falls Below 25K

The Japanese stock market ended the session at a 16-month low on Tuesday, March 8, 2022, after trailing Wall Street’s negative overnight lead as the Russia-Ukraine war continued to weigh on investor sentiment. Market sentiment also softened on concerns about the potential economic repercussions of disruptions to global energy supplies as the Russian-Ukrainian war continues. All categories of industry lost ground, led by issues related to petroleum and coal products, iron and steel, and shipping.

At the close, the 225-issue Nikkei Stock Average tumbled 430.46 points, or 1.71%, to 24,790.95, the first finish below the 25,000 threshold since Nov. 10, 2020 and the steepest close. low since November 6 of the same year.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 34.17 points, or 1.9%, to 1,759.86.

Investors are worried about the impact of soaring crude oil and other commodity prices resulting from the escalating conflict in Ukraine. Since Japan is heavily dependent on energy imports, rising prices could put pressure on corporate earnings or lead to higher prices for goods.

Nissan Motor fell 5.5% after announcing Monday that it would temporarily halt production at its St. Petersburg plant.

Air transport problems have diminished. Japan Airlines lost 5.8%, while ANA Holdings fell 3.5%.

CURRENCY NEWS: The Japanese yen was trading at 115.40 to the dollar, after yesterday’s weakening from less than 115 against the greenback.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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