The Nikkei 225 Index Closes 0.66% Lower

The Nikkei 225 Index dropped 440 points or 0.66 percent on Friday to close at 65777 points. Losses were led by Trend Micro (-4.40%), Japan Steel Works (-4.36%) and Taiyo Yuden (-4.27%). Offsetting the fall, top gainers were Sumitomo Chemical (6.55%), Kawasaki Kisen (6.52%) and Nippon Yusen (4.90%).

The Nikkei 225 Index fell 0.3% to close at 66,016 on Friday, giving back some gains from the previous session as global bond yields rebounded amid concerns that US efforts to curb borrowing costs through debt buybacks may provide only a temporary solution. The 10-year US Treasury yield traded around 4.7%, erasing its losses from earlier in the week, while Japan’s benchmark 10-year yield ended a two-day decline. Meanwhile, data showed Japan’s inflation rate accelerated for the second consecutive month, strengthening the case for a Bank of Japan interest rate hike in the near term. BOJ Governor Kazuo Ueda previously indicated that authorities could begin normalizing policy at a faster pace. Technology stocks led the declines, with notable losses from Fujikura (-1.1%), Taiyo Yuden (-3.4%) and SoftBank Group (-2.5%). The Nikkei 225 Index dropped 3.93% for the week, breaking a two-week winning streak.

The Nikkei 225 Index went up by 791 points or 1.21 percent on Thursday to close at 66118 points. The rise was led by Sumitomo Metal Mining (10.87%), Toho Zinc (10.71%) and Sumitomo Dainippon (8.29%).