Nikkei

Asian markets traded mixed amid cautiousness on concerns over the escalating Strait of Hormuz standoff alongside a busy week of global economic data. US stock market ended lower.

Japan’s benchmark Nikkei index climbed above the 70,000 level for the first time on Tuesday, 16 June.

BoJ policy decision Highlights: The Bank of Japan kept the short-term interest rate target unchanged at 0.75%. However, three in the nine-member board proposed hiking borrowing costs, signalling the bank's concern over inflationary pressures from the US-Iran war in the Middle East.

The US-Iran ceasefire talks over the weekend in Pakistan failed to reach any agreement to end the war in the Middle East. The US moved to block the Strait of Hormuz and Iran’s ports escalated the global energy crisis and reignited worries that the US-Iran war will last longer than feared.

Asian markets today: Markets in Hong Kong, Singapore and Australia are closed for the Easter weekend. The Indian stock market is also closed for the Good Friday holiday.

Japan’s Nikkei 225 tumbled 6.22% and fell below the 53,000 mark for the first time since February 6, while the Topix declined 5.27%. South Korea’s Kospi cracked 6.68%.

Japanese stock markets reacted positively to the Bank of Japan's expected interest rate hike, with the flagship Nikkei 225 surging as much as 1.42% following the announcement.

Shares of Shiseido Co., a major cosmetics company, crashed 11.4 per cent during the session, while those of Pan Pacific International Holdings, a major Japanese retail company which operates Don Quijote retail stores, plunged almost 10 per cent.

Global markets today: Japan’s Nikkei plunged 4.69% to 49,082.5, slipping below the psychologically important 50,000 level for the first time since October 27. The broader Topix fell 3.25% to 3,202.56.

Japanese stocks are experiencing significant gains, with the Nikkei 225 reaching an all-time high of 51,555. This rally, driven by improved economic sentiment and rally in chip stocks, has resulted in a 31% year-to-date increase and 68% growth since April lows.