Nikkei falls for the fourth consecutive session amid fears of an interest rate hike

Japan’s Nikkei fell for a fourth straight session Tuesday, August 23, tracking Wall Street, which posted losses overnight, ahead of the Federal Reserve’s symposium later this week, while airline and retail shares jumped on news of a possible loosening of border controls to control China. COVID-19.

The Nikkei fell 1.19% to 28452.75 points, and the broader Topix index fell 1.06% to 1971.44 points.

Wall Street closed sharply lower on Monday, August 22, with investors worried that the Jackson Hole meeting would strengthen the Federal Reserve’s commitment to controlling inflation.

Technology stocks fell, tracking their US counterparts after US Treasury yields rose.

Softbank Group to invest in emerging companies fell 2.42%, and Tokyo Electron chip-making equipment fell 0.79%.

In contrast, shares of entertainment-related companies gained after reports that Japan may raise requirements for travelers to undergo COVID-19 tests before departure and increase the maximum number of foreign visitors.

The aviation sector was at the top of the sectors that achieved gains among the 33 sub-indices that make up the Tokyo Stock Exchange, and it rose by 3.99%. ANA Holdings jumped 3.26 percent and Japan Airlines 4.88%.

Retail stocks rose, as Isetan Mitsukoshi Holdings Inc. rose 4.47%, and J-Frant Retail’s share gained 4.56%.