Japanese Stocks Slide on Fed Hike Worries

MT Newswires Live09:25

Japanese shares began the week lower following hawkish signals from US Federal Reserve Chair Kevin Warsh.

The Nikkei 225 lost 737.1 points, or 1.1%, opening at 65,668.51 on Monday.

The sentiment follows Warsh's remarks at his Jackson Hole address on Friday to restore inflation to its target, increasing bets on a Fed rate hike as early as next month.

At home, industrial production in Japan increased for the fourth straight month, with output rising 0.1% in July from June, according to official government data.

Meanwhile, Japan's retail sales expanded 4.0% year over year in July to 13.880 trillion yen, according to preliminary data from the Ministry of Economy, Trade and Industry.

Elsewhere, oil prices advanced as the U.S. military struck Iranian rocket launchers preparing to deploy mines in the Strait of Hormuz on Sunday. Brent crude rose to $89 per barrel.

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