TOKYO, Aug. 14 (Xinhua) — Tokyo stocks closed lower on Monday, tracking the decline of tech shares in the U.S. market while the yield curve control intensified selling pressure.
Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, lost 413.74 points, or 1.27 percent, to end at 32,059.91.
The broader Topix index, meanwhile, finished 22.62 points, or 0.98 percent, lower at 2,280.89.
In the early morning, the Nikkei Average held relatively steady against the yen’s value versus the U.S. dollar briefly reaching the mid-145 range, marking its lowest point for the year.
However, following the decline in U.S. tech stocks at the end of the previous week, semiconductor-related and growth stocks experienced significant selling pressure, contributing to the overall market decline.
During Monday’s trading hours in Tokyo, the domestic long-term interest rate temporarily rose to 0.620 percent. The perception of a potential rise in interest rates, triggered by the Bank of Japan’s adjustment to its yield curve control policy, was again met with caution, intensifying selling pressure on stocks.
On the prime market, decliners were led by mining, machinery, and real estate shares.