Tokyo stocks closed lower on Tuesday amid concerns that the U.S. interest rate hikes against the backdrop of the Federal Reserve’s monetary tightening stance would be prolonged.
Japan’s benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, ended down 363.57 points, or 1.11 percent, from Monday to close the day at 32,315.05.
The broader Topix index, meanwhile, finished 13.56 points, or 0.57 percent, lower at 2,371.94.
While the U.S. rate hike concerns weighed on growth stocks in the Tokyo market, some market watchers here believed that domestic pension funds and other investors tended to sell their assets for rebalancing toward the end of the month.
The Nikkei Stock Average extended its downward range and closed at its lowest level of the day.
On the top-tier Prime Market, decliners were led by pharmaceutical, machinery and electric appliance issues.
Issues that fell outpaced those that rose by 1,280 to 495, while 61 ended the day unchanged.
