Japan's Nikkei slumps as Fed hike bets, soaring oil weigh
EWJ•Technology shares lead declines
Technology and AI-related shares led the Nikkei lower. There were 95 advancers on the gauge against 128 decliners and two unchanged.
The largest losers were Resonac Holdings 4004.T, down 10.68%, followed by Kioxia Holdings 285A.T, 6.99% lower, and Toppan Holdings 7911.T, which lost 6.95%.
The largest gainers were LY 4689.T, up 3.44%, followed by Kawasaki Kisen Kaisha 9107.T, 2.94% higher, and Dai-Ichi Life Holdings 8750.T, which gained 2.73%.
U.S. rates and oil add to inflation worries
U.S. equities retreated overnight as higher Treasury yields and August producer-price data heightened expectations for a Federal Reserve rate hike. Fed Chair Kevin Warsh has signalled a shift away from forward guidance, keeping investors alert to upcoming inflation figures. Meanwhile, geopolitical tensions persisted as the U.S.-Iran confrontation continued to disrupt energy markets.
"With Fed Chair Warsh signalling a focus on curbing inflation, a wait-and-see stance is likely to strengthen in the Japanese stock market," Takuma Ikemoto, market analyst at Tokai Tokyo Intelligence Lab, said in a note.
Nikkei falls on Fed hike bets and higher oil
TOKYO, Sept 11 (Reuters) - Japan's Nikkei slumped on Friday amid renewed concerns over U.S. rate hikes and a surge in oil prices that fuelled inflation worries.
The benchmark Nikkei 225 gauge .N225 fell 1.93% to close at 64,011.34, giving it a 0.4% decline on the week. The gauge earlier sank as much as 3.16%. The broader Topix .TOPX slipped 0.65% to 4,028.30.
