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Japan's Nikkei index drops 1.5 percent on Thursday
(MENAFN) Japan's Nikkei index dropped by 1.5 percent on Thursday, following a significant decline in Wall Street stocks during overnight trading. The slump in the Japanese market reflected global investor concerns, as well as a cautious approach by traders ahead of a key monetary policy decision from the Bank of Japan, which was set to be announced later in the day.
Investor sentiment remained on edge as speculation swirled about the Bank of Japan's next move regarding interest rates. While some market participants pointed to data suggesting the possibility of a rate hike in December, many analysts believe the central bank will hold off for now. Recent reports from Reuters and other outlets have indicated that officials may opt for a more measured approach, delaying any increase until early next year.
Tapas Strickland, head of market economics at National Australia Bank, expressed his view that while economic data could support a rate hike this month, the Bank of Japan appears inclined to wait. He anticipates a modest quarter-point increase in January, reflecting the bank's cautious stance amid evolving economic conditions.
By 0010 GMT, the Nikkei had fallen to 38,487.32, a decline of 1.5 percent, while the broader Topix index slipped by 1.3 percent. Technology stocks led the downturn, with major players such as Advantest dropping 3.9 percent, Tokyo Electron losing 2.9 percent, and SoftBank Group Corp, a prominent startup investment firm, sliding by 4.3 percent. The sharp losses in the tech sector underscored broader market concerns about global growth and monetary policy uncertainty.
Investor sentiment remained on edge as speculation swirled about the Bank of Japan's next move regarding interest rates. While some market participants pointed to data suggesting the possibility of a rate hike in December, many analysts believe the central bank will hold off for now. Recent reports from Reuters and other outlets have indicated that officials may opt for a more measured approach, delaying any increase until early next year.
Tapas Strickland, head of market economics at National Australia Bank, expressed his view that while economic data could support a rate hike this month, the Bank of Japan appears inclined to wait. He anticipates a modest quarter-point increase in January, reflecting the bank's cautious stance amid evolving economic conditions.
By 0010 GMT, the Nikkei had fallen to 38,487.32, a decline of 1.5 percent, while the broader Topix index slipped by 1.3 percent. Technology stocks led the downturn, with major players such as Advantest dropping 3.9 percent, Tokyo Electron losing 2.9 percent, and SoftBank Group Corp, a prominent startup investment firm, sliding by 4.3 percent. The sharp losses in the tech sector underscored broader market concerns about global growth and monetary policy uncertainty.
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