Japanese stocks have sunk nearly 2% in early morning trading on the Tokyo Stock Exchange, following the Dow's 1.19% drop Wednesday. Both the Nikkei225 Index and the broader TOPIX index opened lower and lost nearly 2% to start the trading day. Read on for brief coverage.
There are a few major catalysts at hand, particularly concern over rising interest rates in the U.S. and whether the recent run-up of shares in Japan is sustainable. Not to mention today's weak report on the U.S. services sector and high energy prices.
At 9:30a.m. in Tokyo, the Nikkei225 Index had all about 20 of its 225 holdings in the red. The biggest losers this morning have been a mix of oil, mining, transportation, tech, consumer electronic, and financial companies. Stocks hit hardest with U.S. ADRs include Hitachi (ADR: HIT), NEC (ADR: NIPNY), Canon (ADR: CAJ), and Honda (ADR: HMC).