Japan Market tumbles on Fed Tightening Worries, Ukraine Tensions

14 Feb 2022 , 04:57 PM

Japan share market finished session steep lower on Monday, 14 February 2022, snapping a three-day rally, on deepening worries over a potential invasion of Ukraine by Russia as well as the prospect of Fed aggressive policy tightening after government data showed inflation increased at 7.5% in January from a year earlier.

At closing bell, the 225-issue Nikkei Stock Average declined 616.49 points, or 2.23%, to 27,079.59. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 31.96 points, or 1.63%, to 1,930.65. Japan share market closed on Friday for National Foundation Day holiday.

Shares of rubber product issues declined on concerns that a rise in raw material costs would adversely impact revenue. Bridgestone plummeted 8.9% to 4,789 yen, and Toyo Tire tumbled 6.6% to 1,532 yen.

Energy-related shares advanced as crude oil prices increased on speculation that economic sanctions on Russia, in the event of a Ukraine invasion, would greatly reduce energy supplies. with oil explorer Inpex soared 6.6% to 1,218 yen, refiner Idemitsu Kosan gained 3.3% to 3,125 yen, and Japan Petroleum Exploration jumped 6.9% to 2,934 yen.

Among major shares in Tokyo, Toyota dropped 3.46% after reports that trucker-led demonstrations in a key US border bridge in Canada forced the suspension of operations in some of the automakers plants.

CURRENCY NEWS: The dollar fetched 115.58 yen in Asian trade, against 115.48 yen in New York late Friday.

Powered by Capital Market – Live News