Tokyo’s stock market was closed on September 21 for Respect for the Aged Day, leaving the Nikkei 225 without a cash close after finishing the previous session at 65,019, while currency and futures markets focused on the yen, the Bank of Japan’s latest rate hike and intervention risks during Japan’s Silver Week holiday.
Japan's first five-day Silver Week holiday in 11 years has put renewed attention on household finances, with persistently high food prices and a weakening yen threatening to erode the benefits of the government's planned consumption tax cut on food.
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The Bank of Japan raised its policy rate from 1.0% to 1.25% on September 18, taking borrowing costs to their highest level in 31 years and accelerating the pace of monetary tightening as persistent inflation and concerns over fiscal expansion put upward pressure on interest rates.
The yen strengthened by more than 1 yen against the dollar in a short period late on September 18 after the Bank of Japan conducted a rate check, a step commonly taken in preparation for possible intervention in the foreign exchange market.
Tokyo stocks rose sharply on September 18, with the Nikkei 225 climbing to around 65,350 in afternoon trading after the Bank of Japan raised interest rates to 1.25%, as the yen weakened and investors bought artificial intelligence and semiconductor-related shares.