Forex
Japan's Nikkei Crumbles Under Weight of Rate Hike Fears, Soaring Oil
Japan's Nikkei 225 benchmark index fell by 3.11% to 63,243.98 on Friday due to concerns over US rate hikes and rising oil prices.
The broader Topix slipped 1.95% to 3,975.67 as a result of the decline in Japanese equities.
US equities retreated overnight after higher Treasury yields and August producer-price data heightened expectations for a Federal Reserve rate hike.
Takuma Ikemoto from Tokai Tokyo Intelligence Lab commented on the situation, stating 'All three major indices in the US fell in response to rising crude oil prices and higher US long-term interest rates, which is likely to weigh on Japanese equities.'