Oil Prices Near Record High as Global Markets Plummet

Overseas markets experienced broad declines on Tuesday, September 8, 2026, as investors faced rising crude oil prices and a strengthening Japanese yen. The Nikkei 225 dropped 1,130.51 points, or 1.70%, to 65,269.33, while the broader TOPIX fell 1.83% to 4,050.33.

The stronger yen added pressure on Japanese exporters, reducing their overseas earnings when converted back into yen. This combined with revised data showing Japan's economy expanded faster during the April-to-June quarter than initially estimated and real wages strengthened, raising expectations that the Bank of Japan may continue tightening monetary policy.

In other markets, China's Shanghai Composite managed a modest gain following stronger export data, while Hong Kong's Hang Seng Index fell 0.38% to 25,317.18 after opening lower as technology and automobile shares came under pressure.

The Brent crude price approached $100 per barrel on Tuesday, adding another potential inflationary complication for central banks already struggling to balance economic growth against persistent price pressures. Higher Treasury yields also increased borrowing costs throughout the economy, affecting mortgages, corporate financing, commercial real estate, and other credit-sensitive areas.