(Update) Yen Surges, Nikkei Tumbles on Hawkish BOJ
Tokyo, Sept. 11 (Jiji Press)--The yen briefly surged to an eight-month high near 140.70 per dollar and Japan's benchmark Nikkei 225 stock average tumbled more than 900 points at one point on Wednesday, amid concerns about further interest rate hikes by the Bank of Japan.
The dollar stood at 141.37-38 yen at 5 p.m., down from 143.61-62 yen at the same time Tuesday. Meanwhile, the Nikkei finished 539.39 points, or 1.49 pct, lower at 35,619.77, extending its losing streak to a seventh session.
The yen attracted buying after BOJ Policy Board member Junko Nakagawa signaled a willingness to raise interest rates further. She said in a speech on the day that the central bank would adjust the degree of its monetary easing if its economic and price outlook is realized.
The first debate between U.S. presidential candidates Kamala Harris and Donald Trump, which began at 10 a.m. Japan time, is believed to have added to selling pressure on the dollar. "U.S. Treasury yields fell and dollar selling accelerated as Trump appeared on the back foot," said an official at a Japanese bank.
On the Tokyo Stock Exchange, the stronger yen weighed on automakers and other exporters, while a decline in crude oil prices hurt energy-related stocks. More than 90 pct of issues on the TSE's top-tier Prime section closed lower.
(2024/09/11-17:50)
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NATION
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