On Monday, April 25, 2022, the Japanese stock market concluded the day sharply lower, extending a two-day losing streak, taking a bad lead from Wall Street Friday amid mounting fears of a larger interest rate hike by the United States Federal Reserve.

The 225-issue Nikkei Stock Average fell 514.48 points, or 1.9 percent, to 26,590.78 at the close.

The Tokyo Stock Exchange’s broader Topix index of all First Section issues fell 28.63 points, or 1.5 percent, to 1,878.52.

Mining, Marine Transportation, Nonferrous Metals, Air Transportation, Machinery, Iron & Steel, and Oil & Coal Products were the worst performing sectors, with 32 of 33 TSE issues closing.

Nissan Motor’s stock dropped more than 5% after news that its largest shareholder, Renault SA, was considering a stake sale.

In other news, the International Monetary Fund’s Japan branch cautioned on Sunday that the yen’s depreciation versus the US dollar and other currencies could affect Japan’s economy by rising import costs and reducing consumer spending. The yen has loosened in recent weeks, falling to almost 128 per dollar from 115 in February.

IN CURRENCY NEWS, the dollar pared gains in Tokyo trading Monday, hovering at 128.20 yen. The dollar was trading at 128.20-20 yen at 5 p.m., up from 128.07-07 yen at the same time on Friday. Last week, it surpassed the 129 mark.