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(Bloomberg) — Japanese stocks held its declines as oil prices surged following renewed attacks on Middle East energy infrastructure. The Bank of Japan kept its interest rates on hold as expected in a decision earlier Thursday.
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- Topix Index fell 2% to 3,643.63 as of 12:31 p.m. Tokyo time
- Out of 1,657 stocks in the index, 70 rose and 1,576 fell, while 11 were unchanged.
- Nikkei declined 2.7% to 53,753.89
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“It looks like we’re seeing a pullback that gives back yesterday’s gains,” said Shuutarou Yasuda a market analyst at Tokai Tokyo Intelligence Laboratory. “US equities declined and returned lower, and with oil prices remaining elevated, selling is leading today’s market.”
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The Bank of Japan kept its kept its policy rate unchanged as uncertainty surrounding the Iran conflict clouds the economic outlook. BOJ Governor Kazuo Ueda will hold a media briefing from 3:30pm Tokyo time.
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BOJ’s remarks on the impact of crude oil prices on underlying CPI suggests that even cost-push inflation caused by higher oil prices could serve as a reason for a rate hike, which “leaves the door open to the possibility of an April rate hike,” said Hiroshi Namioka, chief strategist at T&D Asset Management.
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Brent crude oil futures rose past $110 a barrel after Iran and Israel traded strikes on key energy facilities.
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Semiconductor related companies from Advantest to Tokyo Electron declined after Micron Technology warned that it will need to spend heavily on production to meet burgeoning demand.
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ADVANCERS
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- NRI (4307) +1.4%
- Fujikura (5803) +0.7%
- NTT Inc. (9432) +0.6%; NTT Global Data Centers Plans to Double Capacity in AI Boom
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DECLINERS
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- Mitsubishi Chemical (4188) -4.6%; *MITSUBISHI CHEMICAL TO RAISE ACRYLIC RESIN BASED PRODUCT PRICE
- Advantest (6857) -4.6%
- SoftBank (9984) -4.5%
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INSIGHTS
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- 31 of the 33 sector indexes on the Tokyo Stock Exchange declined; Tokyo Stock Exchange TOPIX Mining Index was the best performer, while Tokyo Stock Exchange TOPIX Pulp And Paper Index fell the most
- The MSCI AC Asia Pacific Index was down 1.9%
- Topix 100 is up 6.5% year-to-date, vs. MSCI AC Asia Pacific Index up 6%
- Topix 100 members are trading at 17.8 times their estimated earnings for the next 12 months
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RELATED NEWS
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- Ueda Briefing in Focus After Bank of Japan Holds Rates: TOPLive
- BOJ REACT: Hold With Subtly Hawkish Statement; Ueda in Focus
- BOJ Holds Rates Steady as Iran Conflict Clouds Economic Outlook
- Follow the Bank of Japan Monetary Policy Decision: TOPLive
- Yen Nears 160 Per Dollar, Japanese Stocks Fall Ahead of BOJ
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This story was produced with the assistance of Bloomberg Automation.
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—With assistance from Toshiro Hasegawa.
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English (US)