TOKYO: Tokyo stocks opened sharply lower on Friday (Jun 17) after a rout on Wall Street as more central banks hiked interest rates in efforts to tame runaway inflation, fuelling recession fears. The benchmark Nikkei 225 index was down 2.60 per cent, or 687.44 points, at 25,743.76 in early trade,
TOKYO: Tokyo stocks opened sharply lower on Friday after a rout on Wall Street as more central banks hiked interest rates in efforts to tame runaway inflation, fuelling recession fears.
The losses"follow drops in US shares" after central banks in Britain and Switzerland raised interest rates following the US Federal Reserve's rate hike, said senior market analyst Toshiyuki Kanayama of Monex. Investors are awaiting a policy decision later on Friday from the Bank of Japan , and comments from bank governor Haruhiko Kuroda, for clues about its stance on the economic impact of a weaker yen among other factors, analysts said.
The Japanese currency"is being bought because it is regarded as a low-risk asset amid falls in European and US bourses", Kanayama said.
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