Japan's Nikkei slumps to weekly loss as Fed outlook weighs
[hfe_template id='11223']
[ad_1]
Japan's Nikkei share average sank on Friday, tracking declines on Wall Street after robust U.S. economic data stoked bets that stubborn inflation may delay Federal Reserve interest rate cuts. The Nikkei sagged 1.17% to 38,646.11 as of the close, and had earlier dipped as much as 1.9%. The broader Topix dropped 0.44%. All three main U.S. equity indexes declined overnight, led by a 1.5% slump for the Dow, after U.S. manufacturers reported a surge in prices for a range of inputs, suggesting that goods inflation could pick up in the months ahead. The benchmark U.S. 10-year bond yield climbed to a more than one-week peak of 4.498% as traders pared back bets to a likely single quarter-point rate reduction this year, from a consensus for two cuts previously. "It definitely seems, at least in the short term, that moves in Japanese stock prices are in the hands of U.S. yield levels," Kazuo Kamitani, an equities strategist at Nomura...