Japan Shares Close at 14-Month Low After Fed

Japan’s Nikkei index closed at a 14-month low on Thursday, dragged down by technology heavyweights after the Federal Reserve chief indicated his intention to steadily raise interest rates.

The Nikkei fell 3.11 percent to close at 26,170 points, its lowest since November 24, 2020. The index, which fell for the third day in a row, recorded its largest daily decline since June 21, 2021.

The broader Topix index fell 2.61 percent to 1,842.44 points. The two indicators had opened higher.

The three major US stock indices fluctuated sharply in the last minutes of Wednesday night’s session, which ended with the decline of Dow Jones and Standard & Poor’s, while Nasdaq achieved a nominal gain.

In Japan, electric motor maker Nidec fell 6.17 percent, giving up its previous gains after a decline in operating profit in the third quarter.

SoftBank Group fell 9.15 percent, Advantest fell 6.97 percent, and games maker Sony Group fell 6.74 percent.

Shares of Fanuc bucked the trend, rising 1.1 percent after the robotics maker raised its annual operating profit forecast.