TOKYO, Jan. 15 (Xinhua) — Japan’s key stock index prolonged declines for the fifth consecutive day on Wednesday as considerations over stricter U.S. semiconductor laws and potential Bank of Japan (BOJ) rate of interest hikes fueled promoting stress.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed 29.72 factors, or 0.08 p.c decrease at 38,444.58.
Morning buying and selling noticed a quick rebound as buyers sought a technical restoration following current losses, with the index gaining over 300 factors at one level. However, the upward momentum light over experiences of attainable stricter U.S. semiconductor laws.
Additionally, BOJ Governor Kazuo Ueda confirmed that subsequent week’s coverage assembly will contemplate charge hikes, reinforcing market hypothesis of early charge will increase that prompted yen shopping for within the foreign exchange market and contributed to stock market declines.
Despite the Nikkei’s drop, the TOPIX rebounded for the primary time in 5 classes, closing 8.23 factors, or 0.31 p.c larger at 2,690.81.
On Tokyo Stock Exchange’s Prime part, advancing shares outnumbered decliners 864 to 705, with 74 shares unchanged.