Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Japanese shares fall on tech selloff as Fed signals earlier rate hikes

06/16/2021 | 10:41pm EDT

TOKYO, June 17 (Reuters) - Japanese shares fell on Thursday as investors sold off heavyweight technology stocks following Wall Street's weak finish overnight after the U.S. Federal Reserve signalled rate hikes earlier than expected.

The Nikkei share average fell 1.3% to 28,911.01 by 0205 GMT, while the broader Topix lost 0.77% to 1,960.63.

The three main Wall Street indexes all fell overnight after the Fed revealed it expected its first post-pandemic interest rate hike to come in 2023, a year sooner, citing an improved health situation amid the vaccine rollout.

"Investors seems to be overreacting to the Fed's announcement, and the declines in U.S. stocks," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"But it is understandable, because the U.S. market may fall again tonight as the market might not have fully digested the Fed's announcement, which was made right before the close."

Tech start-up investor SoftBank Group slipped 2.01%, while chip-related stocks Advantest fell 3.4% and Tokyo Electron lost 0.78%. Murata Manufacturing fell 2.77% and Sony Group fell 2.15%.

Financial firms advanced as U.S. Treasury yields rose.

Insurers T&D Holdings and Dai-ichi Life Holdings were top gainers on the Nikkei, rising 3.72% and 3.13%, respectively.

Mitsubishi UFJ Financial Group added 1.28% and Sumitomo Mitsui Financial Group gained 1.04%.

Toshiba, which is facing corporate governance crisis, added 1.05% after the Wall Street Journal reported its chairman said he may step down after revamping its board and appointing a new CEO.

There were 54 advancers on the Nikkei index against 170 decliners. (Reporting by Junko Fujita; Editing by Shailesh Kuber)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -2.04% 9610 End-of-day quote.24.32%
BRITISH POUND / US DOLLAR (GBP/USD) -0.47% 1.38978 Delayed Quote.2.12%
DAI-ICHI LIFE HOLDINGS, INC. 0.05% 2012 End-of-day quote.29.64%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -1.06% 578.5 End-of-day quote.26.84%
MURATA MANUFACTURING CO., LTD. -0.66% 9040 End-of-day quote.-3.00%
SOFTBANK GROUP CORP. -2.61% 6837 End-of-day quote.-15.15%
SONY GROUP CORPORATION -1.26% 11375 End-of-day quote.10.60%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -0.67% 3695 End-of-day quote.15.90%
T&D HOLDINGS, INC. -0.71% 1398 End-of-day quote.14.87%
TOKYO ELECTRON LIMITED -1.25% 44920 End-of-day quote.16.98%
TOSHIBA CORPORATION 0.21% 4700 End-of-day quote.62.91%
Latest news "Economy & Forex"
03:02aChina will maintain prudent, flexible monetary policy in H2 - central bank
01:37aChina will maintain prudent, flexible monetary policy in H2 - central bank
01:37aChina c.bank says to maintain stability of macro policies in h2, will not take “flood-like” measures
01:34aChina c.bank says to call for rectification of virtual platform companies, maintain high level of pressure on such firms to meet regulations
01:32aChina c.bank says should stick to principle of stability, maintain prudent, flexible, reasonable monetary policy
01:22aSri Lanka Financial Sector Modernization Project - P159303
12:12aWORLD BANK TOKYO ONLINE MORNING SEMINAR #113 “PUBLIC-PRIVATE PARTNERSHIPS IN URBAN BUS SYSTEMS : An Analytical Framework for Project Identification and Preparation”
07/30Costa Rica's central bank lifts growth forecast amid manufacturing rebound
07/30Peru president names Pedro Francke as finance minister
07/30China's factory activity in July grows at slowest pace since Feb 2020
Latest news "Economy & Forex"