TOKYO, Jan 27 ― Tokyo's key Nikkei index closed down more than three per cent today after US Fed Chair Jerome Powell signalled an interest rate hike is likely in March.
US stocks stumbled yesterday after Powell's speech cemented the central bank's policy pivot towards fighting inflation, setting up an end to the era of easy money that fuelled Wall Street's record-setting run during the pandemic. Daiwa Securities added that “falls in some earnings-related shares are contributing to a decline in the indexes”.
Sony Group dropped 6.73 per cent to ¥11,770 while Tokyo Electron, which produces tools to build semiconductors, tumbled 4.83 per cent to ¥53,680.
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