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HomeLatestTokyo shares tumble amid concern forward of Fed chief's speech

Tokyo shares tumble amid concern forward of Fed chief's speech

TOKYO, Aug. 25 (Xinhua) — Tokyo shares turned decrease Friday to snap their four-day successful streak, amid mounting concern as traders await a speech by U.S. Federal Reserve chief Jerome Powell later within the day that might trace at extended rate of interest hikes within the United States.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, fell 662.93 factors, or 2.05 p.c, from Thursday at 31,624.28.

The broader Topix index, in the meantime, completed 20.19 factors, or 0.88 p.c, decrease at 2,266.40.

Stocks fell from the outset, with the Nikkei briefly nosediving over 700 factors, eroding 4 straight days of features as market members awaited remarks from Powell at a gathering in Jackson Hole, Wyoming.

The low unemployment information in America steered a strong labor market, which in flip additional raised considerations of a protracted interval of financial tightening, analysts stated.

Stocks had been additionally lowered by heavyweight semiconductor-related shares, monitoring declines of their U.S. friends on Wall Street in a single day.

Tokyo Electron, a chip manufacturing tools maker, misplaced 1,290 yen, or 5.9 p.c, to twenty,460 yen, whereas chip-testing tools maker Advantest shed 1,965 yen, or 10 p.c, to 17,695 yen.