The Japanese Nikkei index closed lower on Monday, April 25, to record the largest daily decline in more than 6 weeks, tracking Wall Street losses following the US Federal Reserve chief hinted at a hike in interest rates in the near term.
The Nikkei index ended the session down 1.9%, recording 2,6590.78 points, in the biggest percentage loss since March 11, while the broader Topix index fell 1.5% at 1876.52 points.
Wall Street tumbled more than 2.5% on Friday, April 22nd, as news of unexpected corporate earnings and increased certainty regarding large near-term interest rate increases dented investor sentiment.
Powell indicated that the US central bank is preparing to raise the interest rate by half a percentage point at its meeting in May, with more increases in the future.
