FX.co ★ Japan’s Nikkei Declines as Tech Shares Drag

The Nikkei 225 Index edged down 0.3% to below 62,600 on Wednesday, erasing gains from the previous session as technology shares followed the overnight decline in US tech stocks. Sentiment weakened after oil prices rose amid mounting doubts over the sustainability of the US-Iran ceasefire. Adding to the pressure, fresh data showed US consumer inflation for April came in higher than expected, dampening hopes for interest rate cuts by the Federal Reserve. In Japan, the Bank of Japan’s Summary of Opinions from its April meeting revealed that policymakers discussed the possibility of additional rate hikes as early as the next meeting, with higher oil prices exacerbating inflation concerns. Notable decliners included Fujikura (-1.1%), Lasertec (-3.8%), Advantest (-2.9%), Tokyo Electron (-1.2%), and Disco Corp (-2.6%).