Tokyo stocks drop sharply after renomination of Fed head

Economy

Tokyo stocks ended sharply lower Wednesday, led by weak technology issues on fears over a possible early U.S. interest rate hike following Jerome Powell's nomination as chairman of the U.S. Federal Reserve for a second four-year term. The 225-issue Nikkei Stock Average ended down 471.45 points, or 1.58 percent, from Monday at 29,302.66. Japanese financial markets were closed Tuesday for a national holiday. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 23.70 points, or 1.16 percent, lower at 2,019.12. Decliners were led by precision instrument, electri...

Kyodo News

Kyodo News