Japanese stocks mixed as bond yields near 3% and oil rises
Nikkei 225 slipped 0.15% to close at 66,215 while Topix gained 0.62% to 4,182. Japanese 10-year bond yield climbed to around 3% and oil rose, weighing index momentum.
The Nikkei 225 Index fell 0.15% to close at 66,215, while the broader Topix Index rose 0.62% to 4,182 in mixed trade on Tuesday, with Japanese shares struggling for momentum as rising global bond yields and higher oil prices heightened concerns over inflation and interest rate hikes.
Japan’s 10-year government bond yield climbed to around 3%, its highest level since 1996, amid growing expectations that the Bank of Japan will raise rates this month to curb yen weakness and import-driven inflation.
Meanwhile, oil prices advanced for a second straight session as renewed conflict in the Middle East fueled uncertainty.
Notable losses came from index heavyweights Fujikura (-3.7%), Advantest (-0.9%) and Tokyo Electron (-2.6%), while Kioxia Holdings (2%), Taiyo Yuden (1.1%) and SoftBank Group (1.2%) posted gains.