Tokyo stocks fall on U.S. tech decline

TOKYO, Nov. 1 (Xinhua) — Tokyo stocks continued to fall on Friday, tracking overnight drops of tech shares on Wall Street, while anticipation of potential interest rate hikes by the Bank of Japan spurred a wave of sell-offs.
Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, declined 1027.58 points, or 2.63 percent, to close at 38,053.67.
In the United States, the tech-heavy Nasdaq index dropped 2.76 percent, bringing downward pressure on Tokyo-listed semiconductor stocks.
The upcoming U.S. employment report and the impending presidential election have added to investor caution, especially with the Tokyo market set to close for a three-day holiday.
In a press conference on Thursday afternoon, Bank of Japan Governor Kazuo Ueda emphasized a conditional approach to potential interest rate hikes, stating that if Japan’s economic and price outlook aligns with Bank of Japan projections, the bank will continue to raise the policy rate accordingly and adjust the level of monetary easing as needed.
The broader Topix index also fell, down 51.25 points, or 1.9 percent, to end at 2,644.26.
Of the listed stocks on the top-tier Prime Market, 1,404 declined, 219 advanced and 23 remained flat. ■