Japan’s Nikkei ended lower for the third straight session on Friday, witnessing its biggest weekly loss in eight months, amid rising global bond yields and worries over China’s economic outlook.
The Nikkei index fell 0.55% to close at 31,450.76. For the week, the index lost 3.1%, its biggest weekly decline since the week ended December 2023. The broader Topix declined 0.70% to 2,237.29. It was down 2.8% for the week.
A spike in US Treasury bond yields amid hopes that the Federal Reserve will keep interest rates higher for a long time, has weighed on investor risk-appetite.
The benchmark 10-year US Treasury yields hit their highest levels since October and 30-year yields hit 12-year highs.
Japanese markets followed overnight weakness in the US stocks. The US stock indices declined on Thursday with the Nasdaq registering a 3.4% drop over three days in its steepest three-day fall since February, Reuters reported.
Meanwhile, concerns over China’s economy resurfaced amid growing debt crisis in the country’s sprawling property sector and sputtering economic recovery.
(With inputs from Reuters)
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Updated: 18 Aug 2023, 03:42 PM IST