Nikkei Closes at 16-Month Low

Japan’s Nikkei index closed at a 16-month low on Tuesday as investors worried that higher oil and other commodity prices would hurt corporate earnings and slow economic growth.

The Nikkei index fell 1.71 percent to 24790.95, its lowest closing level since November 6, 2020, while the broader Topix index fell 1.90 to 175986.

Oil prices fluctuated on Tuesday, with Brent crude futures trading at $125 a barrel, nearly 10 percent less than the 14-year high recorded in the previous session.

All 33 industrial sub-indices fell on the Tokyo Stock Exchange, with refiners leading the declines, down 6.31 percent, followed by steelmakers, down 6.21 percent.

Technology shares advanced, with air conditioning maker Daikin Industries up 1.76 percent and robotics maker Fanuc up 1.14 percent.

In total, 26 stocks rose on the Nikkei index, while 199 fell.