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Japanese stocks tumbled to a six-week low on Thursday after Federal Reserve Chair Janet Yellen raised the prospect of interest rate hikes starting earlier than previously thought, sparking a selloff in equities before a three-day weekend.
The Nikkei share average ended 1.7% lower at 14,224.23, the lowest closing level since February 6. For the week, the index dropped 0.7%. Markets in Japan will shut on Friday for a public holiday.
On Wednesday, Yellen said the Fed might end its bond-buying program this fall, and could start to raise interest rates around six months later, earlier than most analysts had anticipated.
The broader Topix index dropped 1.6% to 1,145.97.
The JPX-Nikkei Index 400, a gauge comprising firms with high return on equity and strong corporate governance, was down 1.4% at 10,390.25.
