Tokyo stocks fall as oil surge fuels economic concerns
Tokyo stocks closed lower on Friday, with the benchmark Nikkei index briefly dropping more than 2% in early trading as rising crude oil prices heightened concerns about inflation-driven economic slowdown.
The 225-issue Nikkei Stock Average ended the day down 633.35 points, or 1.16%, at 53,819.61 compared with Thursday’s close, News.Az reports, citing foreign media.
The broader Topix index also declined, falling 20.82 points, or 0.57%, to finish at 3,629.03.
On the Prime Market, the biggest declines were seen in transportation equipment, air transportation and rubber-related shares.
Investor sentiment was weighed down by growing concerns over tensions in the Middle East after Iran’s new Supreme Leader Mojtaba Khamenei on Thursday called for the continued closure of the Strait of Hormuz and vowed to open new fronts amid ongoing attacks on Iran by the United States and Israel.
Analysts said export-oriented stocks dropped broadly on fears that potential disruptions to crude oil and petroleum supplies could harm corporate earnings and the Japanese economy.
News.Az
By Nijat Babayev
