Nikkei records worst weekly performance in a month

Japan’s Nikkei index recorded its worst weekly performance in almost a month on concerns about the impact of the Federal Reserve’s tightening of its monetary policies, the conflict in Ukraine, and the closure measures in China.

The Nikkei index lost 2.46 percent this week, its worst performance since the week ending March 11, although it made small gains at the end of Friday’s session. It closed up 0.36 percent at 26,985.80 points.

The broader Topix index rose 0.21 percent to close at 1896.79 points.

Over the course of the week, China tightened restrictions on movement amid the COVID-19 outbreak, crippling life in Shanghai while Ukraine braced for a major Russian attack as peace talks falter.

Particular focus was placed on the Federal Reserve, as the statements made by policy makers have been more inclined to raise interest rates over the past few days.

Shares of Nikon Cameras Inc. were the biggest gainer, jumping 7.55 percent, after announcing a 30 billion yen ($241.82 million) share buyback.

Telecom shares also jumped, with NTT shares rising by 4.04 percent and KDDI by 1.84%.

On the other hand, Toyota shares fell 3.37 percent, to be the biggest loser amid Australian media reports that the car company may pay compensation of 2 billion Australian dollars (1.5 billion dollars) for defects in diesel particulate filters.