Tokyo stocks fall in morning as Fed dismisses rate cut hopes
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Tokyo stocks fell Thursday morning on concerns that U.S. interest rates will stay elevated for a long period after Federal Reserve Chair Jerome Powell dismissed market hopes of an interest rate cut later this year.
The 225-issue Nikkei Stock Average dropped 66.24 points, or 0.24 percent, from Wednesday to 27,400.37. The broader Topix index was down 8.60 points, or 0.44 percent, at 1,954.33.
Decliners were led by bank, insurance and pharmaceutical shares.
