PT Solid Gold Berjangka | Japan Stocks Drop as Economic Worries Heighten Over US Data
Japanese equities fell after US consumer confidence hit a four-month low, renewing worries over the world’s largest economy and the impact of higher borrowing costs.
Topix Index fell 0.8% to 2,352.84 as of 9:01 a.m. Tokyo time
Nikkei declined 1% to 32,007.30
Mitsubishi UFJ Financial Group contributed the most to the Topix’s drop, decreasing 1%. Out of 2,156 stocks in the index, 251 rose and 1,722 fell, while 183 were unchanged.
Yields on US Treasuries remain near decade highs after a $48 billion Treasury auction of two-year notes was awarded at 5.085%, the highest since 2006.
“Rising interest rates in the US are raising concerns about the outlook on the economy,” said Ryuta Otsuka, a strategist at Toyo Securities. “Deterioration in the outlook for the consumer confidence index is also a sign that people have exhausted their savings under Covid and the impact of higher prices is increasing.”
Source : Bloomberg