The Nikkei 225 Index was little changed around 65,270 in early Wednesday trading, lacking clear direction as investors weighed rising oil prices, renewed inflation worries, and the prospect of further interest rate hikes. Crude continued its ascent after US forces reportedly destroyed five Iranian oil tankers near Kharg Island in retaliation for attempted missile attacks on a US warship.
Market participants also closely monitored the yen, which strengthened to its highest level in nearly seven months. US Treasury Secretary Scott Bessent said he has “good insight” into the Bank of Japan’s strategy to support the currency and cautioned traders against positioning themselves against those efforts.
In corporate moves, SoftBank Group climbed 3.9%, Fujikura jumped 7.9%, and Lasertec gained 5.6%. On the downside, Nintendo slipped 2.8%, Recruit Holdings fell 2.9%, and Fast Retailing lost 2.4%.
