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Nikkei 225 Drops 1.6% on Federal Reserve Outlook, Tech Slump

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Last updated: 11/24/2021 04:56:08

04:56 AM EST, 11/24/2021 (MT Newswires) -- The Nikkei 225 opened lower on Wednesday and slumped in trading, finishing off 1.6% as investors pondered the future of interest rates after US Federal Reserve Chairman Jerome Powell emerged as the Biden Administration's choice for a second four-year term at the US central bank. Certain export issues got a lift from a softer yen, but tech issues were weak.

The benchmark Nikkei 225, after a Tuesday-holiday hiatus, fell 471.45 to 29,302.66 as losing issues outnumbered gainers, 156 to 63.

Leading the upside on a down day was Japan Steel Works (JPSWY, 5631:Tokyo), up 5.9%, followed by Mitsubishi Motors (MMTOF, 7211:Tokyo), up 5.1%, and then Nissan Motor (NSANY, 7201:Tokyo), up 4.4%.

On the downside were online medical-services outfit M3 (MTHRF, 2413:Tokyo), off 5%, and then the former Yahoo Japan, Z Holdings (YAHOY, 4689:Tokyo), off 4.6%.

In other news, the flash au Jibun Bank Japan Composite Purchasing Managers' Index, or PMI, rose to 52.5 in November from 50.7 in October, IHS Markit reported. The nation's manufacturing PMI jumped to 54.2 from 53.2, while the services PMI weighed in at 52.1 in November, from 50.7 in October.

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