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Nikkei 225 Off 0.6% on Federal Reserve Outlook

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Last updated: 09/22/2022 05:53:06

05:53 AM EDT, 09/22/2022 (MT Newswires) -- The Nikkei 225 opened lower Thursday and could not recover, finishing down 0.6% after the US Federal Reserve boosted its key interest rate by 0.75% on Wednesday, and also pointed towards more rate hikes in the future.

The benchmark Nikkei 225 fell 159.30 to 27,153.83, as losing issues outnumbered gainers 152 to 62.

Leading the upside were Mitsubishi Motors (MMTOF, 7211:Tokyo), up 3%, followed by Mitsubishi Heavy Industries (MHVYF, 7011:Tokyo), up 2.1%, and then heavy-equipment maker IHI (IHICY, 7013:Tokyo), up 1.9%.

On the downside were shipping line Kawasaki Kisen Kaisha (KAKKF, 9107:Tokyo), off 2.9%, and then Toho Zinc (5707:Tokyo), off 2.8%.

In other news, Japan officials stepped into international currency exchange markets to break the declining value of the yen, said Masato Kanda, Japan's top currency diplomat, reported The Mainichi newspaper. The yen, which had traded down to nearly 146 to the US dollar during early market hours, rose to nearly 143 yen after the intervention.

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