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Tokyo Stocks Fall on U.S. Rate Hike Fears

Tokyo stocks fell on Friday, as the prospect of further rate hikes by the U.S. Federal Reserve added to pressure on higher borrowing costs.

Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 171.26 points, or 0.54 percent, from Thursday at 31,259.36.

The broader Topix index, meanwhile, finished 8.51 points, or 0.38 percent, lower at 2,255.65.

Analysts here said that market sentiment was dampened by fears over rising U.S. interest rates leading to higher borrowing costs after Federal Reserve Chair Jerome Powell indicated the central bank may leave the door open to further rate hikes to cool the world’s largest economy.

Technology issues were sold after a fall in the tech-heavy Nasdaq index amid concerns over rising interest rates. Panasonic Holdings lost 38 yen, or 2.5 percent, to 1,487.5 yen, and Ricoh was down 36.5 yen, or 2.9 percent, to 1,226.5 yen. 

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