Japan Nikkei falls on fears over Fed rate hikes

Japanese share market finished lower for third consecutive session on Monday, 22 August 2022, on following the mostly negative cues from the US market last Friday amid slowing economic growth as well as concern over aggressive interest rate hikes by the U.S. Federal Reserve in the coming months.

At closing bell, the 225-issue Nikkei Stock Average index declined by 135.83 points, or 0.47%, to 28,794.50. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 1.93 points, or 0.1%, to 1,992.59.

Total 17 of 33 TSE sub-indices closed lower, with electric appliance, nonferrous metal, securities& commodities futures, services, and machinery issues being notable losers, while mining, oil & coal products, pharmaceutical, and insurance issues were notable gainers.

 

COMMODITY NEWS: In commodities trading, Crude oil for October delivery was down 1.42% or 1.28 to $89.16 a barrel. Meanwhile, Brent oil for delivery in October fell 1.36% or 1.32 to hit $95.40 a barrel, while the December Gold Futures contract fell 0.66% or 11.65 to trade at $1,751.25 a troy ounce.

CURRENCY NEWS: USD/JPY was up 0.01% to 136.95, while EUR/JPY fell 0.19% to 137.13.

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