Tokyo stocks fall as Fed chair dashes hopes for U.S. rate cut

Tokyo stocks dropped Thursday on concerns that U.S. interest rates will stay elevated for a longer period, after the head of the U.S. central bank dismissed market expectations of a rate cut later this year.

The 225-issue Nikkei Stock Average ended down 47.00 points, or 0.17 percent, from Wednesday at 27,419.61. The broader Topix index finished 5.61 points, or 0.29 percent, lower at 1,957.32.

Decliners were led by bank, insurance and pharmaceutical shares.