The Tokyo stock exchange started slightly lower on Friday, on the back of a further decline in the New York market the day before amid soaring US bond rates. The leading Nikkei index lost 0.23% to 26,944.79 points around 01:00 GMT and the broader Topix index lost 0.47% to 1,886.47 points.
The 10-year US government bond yield rose to 4.23% on Thursday, the highest since June 2008. Risk appetite is dampened by the prospect of a sustained and sustained rise in interest rates. in the United States, at the cost of a sharp deterioration in the economy.
Inflation in Japan accelerated to 3% in September in a year excluding fresh produce according to data released on Friday, a new national record since 2014 and also since 1991 excluding periods of VAT hikes.
The Bank of Japan should, however, maintain its ultra-accommodative monetary policy, because according to it, the Japanese economy is not ripe for tightening credit conditions. This counter-Fed policy has sank the yen against the dollar for months. The greenback broke the psychological bar of 150 yen on Thursday, unheard of since 1990.
The fall of the yen is a double-edged sword for Japan: it is rather favorable to its large exporting companies and the Tokyo Stock Exchange, but weighs on small and medium-sized enterprises focused on the domestic market and on the purchasing power of households. .
On the side of values
BLOCKS FOR SANBIO: the stock of the Japanese biotech SanBio falls by 15.92% to 1024 yen. The company said Thursday in a statement that it no longer expects marketing approval in Japan by the end of its fiscal year 2022/23 (end of next January) for its SB623 cell therapy for traumatic brain injury. , check the quality of its production which takes longer than expected.
On the side of currencies and oil
The dollar remained stable against the yen, with the dollar trading at 150.16 yen around 0100 GMT versus 150.15 yen on Thursday at 2100 GMT. The European currency fell to 146.73 yen against 146.94 yen the day before, and also depreciated against the greenback, at the rate of one euro for 0.9769 dollars against 0.9786 dollars on Thursday at 21:00 GMT.
On the oil market, the US WTI barrel gained 0.12% to $ 84.61 around 00:50 GMT and the North Sea Brent barrel stagnated (+ 0.01% to $ 92.39).