Tokyo: Tokyo stocks fell on Monday, following the significant downturn in U.S. tech stocks late last week as uncertainty surrounding U.S. trade policies weighed. The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, declined 422.06 points, or 1.09 percent, to close at 38,220.85.
According to Namibia Press Agency, semiconductor stocks, including Tokyo Electron, saw notable declines ahead of NVIDIA’s earnings report. The Bank of Japan will continue incremental interest rate hikes to align with the nation’s economic and price improvements, its governor Kazuo Ueda said Monday. Speaking at a financial meeting in Nagoya, Ueda emphasized that the timing of future rate hikes would depend on various factors, including global economic conditions, particularly developments in the United States, and domestic wage trends.
While Ueda emphasized data-driven rate hike decisions, the yen’s fluctuation between 153 and 155 against the dollar spurred foreign investors to adjust futures positions, which reduced
the Nikkei’s morning losses. The broader TOPIX index also declined, ending 19.88 points, or 0.73 percent, lower at 2,691.76. Of the listed stocks on the top-tier Prime Market, 861 declined, 726 rose, and 58 remained unchanged.