Tokyo Stock Exchange
12:34 JST, May 8, 2024 (updated at 16:00 JST)
TOKYO (Reuters) – Japan’s Nikkei share average fell more than 1% on Wednesday, slipping from multi-week highs hit in the previous session as earnings releases drew the starkest winners and losers, while investors awaited fresh clues to determine the U.S. interest rate path.
The Nikkei closed 1.6% lower at 38,202.37, shedding 632.73 points to wipe out Tuesday’s gains.
The broader Topix was down 1.45% at 2706.43.
The benchmark index rallied to a three-week high on Tuesday as a downside surprise in U.S. job growth reassured markets that rate cuts may still be on the Federal Reserve’s cards this year.
However, U.S. stock markets meandered overnight due to a lack of new clues to confirm the timing and size of potential cuts, giving Japan’s Nikkei little momentum to go on.
“The timing of U.S. interest rate cuts…
