Japan’s Nikkei Records Worst Weekly Performance Since Late November

Japan’s Nikkei average posted its worst weekly performance since late November, as rising inflation in the United States weighed on risk appetite and little progress in talks between the foreign ministers of Ukraine and Russia.

The Nikkei closed down 2.05 percent to 25,162.78 points. The benchmark index recorded a weekly decline of 3.17 percent, which is the largest weekly decline since its decline of 3.34 percent in the week ending November 26, which is also the fourth weekly decline in a row.

On Wednesday, the index had fallen to its lowest level at the close since November 2020 at 24,717.53 points, before rising the next day to a 21-month high.

The broader Topix index fell 1.67% on Friday and recorded a weekly decline of 2.46 percent, and it also incurred its fourth consecutive weekly loss.