The Nikkei Tokyo Stock Exchange ended lower today. Investors took profits after the Nikkei closed up more than 3 percent on Friday (Oct. 14), coupled with a decline in automotive stocks. Amid fears that the United States may face a recession as the Federal Reserve (Fed) has accelerated interest rates to curb inflation.
Kyodo News Agency reported that The Nikkei Index closed at 26,775.79, down 314.97, or -1.16%.
Stocks fell today led by mining, pharmaceuticals. and wholesale group
A University of Michigan survey found that U.S. consumers expect inflation to hit 5.1 percent over the next year, higher than the 4.7 percent surveyed in September. Over the next five years, consumers expect inflation to hit 2.9 percent, above the 2.7 percent survey polled in September.