Nikkei briefly falls below 70,000 as US stock losses and Middle East worries weigh
In short
The Nikkei Stock Average fell for a second straight day on the morning of October 8, dropping more than 800 yen at one point and briefly falling below the 70,000 mark. It ended the morning session at 69,373.40, down 662.31 yen from the previous close, as losses on US markets and concern over the Middle East led to selling.
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The Nikkei Stock Average (225 issues) fell for a second consecutive day on the Tokyo stock market on the morning of October 8, Sankei Shimbun and Tokyo Shimbun reported. The decline exceeded 800 yen at one point, and the index fell below the 70,000 mark. Falls on US markets the previous day and concern that the situation in the Middle East is getting worse weighed on the market, and sell orders led, the papers said. [ 1 , 2 ]
At 10:00 the Nikkei stood at 69,340.19, down 695.52 yen from the previous close, and the Tokyo Stock Price Index (TOPIX) was 61.35 points lower at 4,092.76, according to Sankei Shimbun. Tokyo Shimbun reported that the Nikkei ended the morning session at 69,373.40, down 662.31 yen, with TOPIX at 4,092.09, down 62.02 points. Nishi-Nippon Shimbun also reported a morning close of 69,373 yen. [ 1 , 2 , 3 ]
On the US stock market the previous day, the main indexes all fell. Concern over high prices pushed US long-term interest rates to their highest level in about 24 and a half years at one point, and selling spread. The papers said this carried over to Tokyo, where many stocks fell, among them SoftBank Group, which has a high share price. [ 1 , 2 ]
Sankei Shimbun added that investor sentiment was also hit by worries about oil supply. These followed reports of casualties in Saudi Arabia from an attack believed to be by Yemen's pro-Iran armed group, the Houthis. The other outlets did not mention the attack. [ 1 ]
Why it matters
The Tokyo outlets tie the drop to falls on US markets, where US long-term interest rates briefly reached their highest level in about 24 and a half years on inflation concerns. Sankei Shimbun also links it to worries about oil supply after a reported attack in Saudi Arabia.
Key facts
- The Nikkei Stock Average (225 issues) fell for a second consecutive day on the morning of October 8. [ 1 , 2 ]
- The index fell more than 800 yen at one point and dropped below the 70,000 mark. [ 1 , 2 ]
- At 10:00 the Nikkei stood at 69,340.19, down 695.52 yen, and TOPIX at 4,092.76, down 61.35 points. [ 1 ]
- The Nikkei ended the morning session at 69,373.40, down 662.31 yen; TOPIX ended the morning at 4,092.09, down 62.02 points. [ 2 ]
- Major US stock indexes all fell the previous day as US long-term interest rates briefly hit their highest level in about 24 and a half years on inflation concerns. [ 1 , 2 ]
- SoftBank Group was among the many stocks that fell in Tokyo. [ 1 , 2 ]
- Sankei Shimbun reported that reports of casualties in Saudi Arabia from an attack believed to be by Yemen's pro-Iran armed group, the Houthis, spread worries about oil supply. [ 1 ]
Confirmed by several sources
- The Nikkei Stock Average fell more than 800 yen at one point on the morning of October 8 and dropped below 70,000. [ 1 , 2 ]
- The Nikkei ended the morning session at about 69,373 yen. [ 2 , 3 ]
- Falls on US markets and concern over the Middle East weighed on Tokyo shares. [ 1 , 2 , 3 ]
- US long-term interest rates briefly reached their highest level in about 24 and a half years on inflation concerns. [ 1 , 2 ]
Still unclear
- Casualties in Saudi Arabia from an attack believed to be by the Houthis. Only Sankei Shimbun mentions this, and it cites other reports; the attackers are described only as believed to be the Houthis.
- How the Nikkei finished the full trading day. The documents cover only the morning session.