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Nikkei Plunges To 15-Month Low As Russia Invades Ukraine
- By The Financial District
- Feb 25, 2022
- 2 min read
The Nikkei stock index plunged on Thursday, Feb. 24, 2022, falling below 26,000 for the first time since November 2020, as Russia launched a major attack against Ukraine, raising concerns over the outlook for energy prices and the impact on the global economy, Mainichi Japan reported.
Photo Insert: The Nikkei index has not fallen below 26,000 November 2020.
The 225-issue Nikkei Stock Average ended down 478.79 points, or 1.81 percent, from Tuesday at 25,970.82, its lowest closing level since Nov. 20, 2020. Japanese financial markets were closed Wednesday for a national holiday. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 23.50 points, or 1.25 percent, lower at 1,857.58.
Investors fled to government bonds, the yen, and other safe-haven assets as Russia launched what Kyiv called "a full-scale invasion" following Russian President Vladimir Putin's announcement to carry out a "special military operation" in eastern Ukraine.
The yield on the benchmark 10-year Japanese government bond inched down 0.005 percentage point from Tuesday's close to 0.185 percent. Bond yields move inversely to prices.
The US dollar fell to the mid-114 yen range from around the 115 yen line. At 5 p.m., the dollar fetched 114.61-62 yen compared with 114.95-115.05 yen in New York at 5 p.m. Wednesday.
The euro was quoted at $1.1245-1246 and 128.88-92 yen against $1.1299-1309 and 129.98-130.08 yen in New York late Wednesday afternoon. Meanwhile, the Russian ruble plummeted to a record low against the U.S. dollar, according to Reuters.
Tokyo stocks extended a losing streak to five sessions as the market remained under pressure on Ukraine concerns. The Nikkei index plunged in the afternoon, briefly losing over 600 points.
Crude oil prices soared due to expectations that Moscow's military action would lead to disruption of oil supplies from Russia. Benchmark Brent crude futures briefly surpassed $100 per barrel for the first time since September 2014.
