Japan’s Nikkei index records biggest daily decline in 6 weeks | latest news

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 after 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 about 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.

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