Japan's Nikkei Dives on U.S. Rate Hike Fears and Soaring Oil Prices

Japan's stock market took a hit on Friday due to renewed concerns over U.S. rate hikes and soaring oil prices.

The Nikkei 225 gauge fell 1.93% to close at 64,011.34, resulting in a 0.4% decline for the week.

This drop was largely fueled by expectations of a Federal Reserve rate hike, as well as geopolitical tensions that are disrupting energy markets.

Takuma Ikemoto, market analyst at Tokai Tokyo Intelligence Lab, noted that with Fed Chair Kevin Warsh signaling a focus on curbing inflation, a wait-and-see stance is likely to strengthen in the Japanese stock market.