TOKYO: Japan’s Nikkei share average snapped a five-day winning streak on Tuesday, as a stalemate in the Middle East conflict drove up oil prices and renewed worries over bond market risks and inflation.
The Nikkei slid 2.5 percent to end at 67,460.73, after a 5.5 percent gain over the previous five trading sessions.
The broader Topix lost 1.1 percent to 4,140.22. A temporary ceasefire between the US and Iran expired this week, with Washington ruling out extending the deal and Tehran saying it would shift to a “fully offensive” military posture.
Crude oil climbed as traffic through the crucial Strait of Hormuz shipping corridor again ground to a halt, and concerns about global inflation saw bond yields jump to multi-decade highs, including in Japan.
Growth stocks were a particular focus of selling, and the worst performer among the Tokyo Stock Exchange’s 33 industry groupings was electrical appliance makers, which dropped 3.7 percent.
The sub-index includes chip-making tool manufacturer Tokyo Electron and chip-testing equipment maker Advantest, which dived 6.2 percent and 5.1 percent, respectively.
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