Nikkei Average Briefly Sinks over 700 Points

People pass by an electronic screen showing Japan’s Nikkei share price index inside a conference hall in Tokyo, Japan June 14, 2022.

Tokyo (Jiji Press)—The benchmark Nikkei average briefly tumbled over 700 points on the Tokyo Stock Exchange Friday morning, after U.S. and European shares plunged the previous day as a series of interest rate hike decisions by major central banks stoked fears of a possible global economic slowdown.

At 9:03 a.m., the index of 225 selected issues listed on the TSE’s Prime section was down 710.40 points, or 2.69 pct, at 25,720.80, slipping below 26,000 for the first time since May 13 on an intraday basis.

In Tokyo currency trading$, selling picked up against the yen partly due to speculation that the Bank of Japan may decide to make an adjustment to its massive monetary easing policy.

At 9 a.m., the U.S. currency stood at ¥132.40-41, down from ¥134.23-23 at 5 p.m. Thursday.