Tokyo Opens Under Pressure as Nikkei Sinks More Than 4%, Oil and Precious Metals Jump

Executive summary: Tokyo and broader Asia-Pacific markets opened sharply lower, with the Nikkei 225 and Kospi both down more than 4% as investors digested a risk-off tone across equities. At the same time, WTI crude, silver, platinum and palladium advanced, while gold held above $4,150 and the yen weakened modestly against the dollar. The move points to a session shaped by higher energy costs, firmer commodity prices and renewed pressure on cyclical stocks, especially autos.

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Market dashboard

Current prices and change versus the prior close

Asia-Pacific opens with a sharp equity selloff

Tokyo’s early tone was decisively weaker, with the Nikkei 225 at 64,916.7, down 2,827.59 points or -4.174% from the prior close. The Nikkei 225 ETF also fell to 676.6, a drop of -4.219%. South Korea’s Kospi was hit just as hard, sliding to 5,768.01, or -4.43%.

Hong Kong’s Hang Seng was comparatively steadier but still lower at 24,186.83, down -0.101%, while Australia’s ASX 200 eased to 8,760, off -0.272%. The broad regional tone suggests investors were reducing exposure to equities at the open rather than rotating within the market.

Autos and cyclicals lead the downside

The clearest sector signal came from global autos, which fell to 100.581, down -4.681%. That move aligns with the weakness in Japan and Korea, where automakers and other export-sensitive names are typically among the first to react to shifts in risk appetite, currency moves and energy costs.

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For Japan specifically, the combination of a weaker equity tape and a slightly softer yen backdrop is notable. USD/JPY rose to 158.514, up +0.121%, a move that can support exporters in theory, but in this session it was not enough to offset the broader selloff.

Commodities firm as oil and metals extend gains

WTI crude climbed to 98.14, up 3.05 dollars or +3.207%. Silver rose to 57.11, up +2.808%, while platinum advanced to 1,645.1, up +2.735%, and palladium gained to 1,117, up +2.75%.

Gold also moved higher, reaching 4,155.6, up 47.7 dollars or +1.161%. The metal’s strength, alongside gains in silver and platinum, points to continued demand for hard assets even as equities weaken. Natural gas was modestly firmer at 3.211, up +0.407%.

• WTI crude: 98.14, +3.207%
• Gold: 4,155.6, +1.161%
• Silver: 57.11, +2.808%
• Platinum: 1,645.1, +2.735%
• Palladium: 1,117, +2.75%

FX and crypto show a mixed risk backdrop

The dollar was firmer against the yen, but softer against the yuan. USD/CNY fell to 6.6707, down -0.318%, while USD/JPY edged higher. Ether slipped to 2,398.85, down -0.864%, suggesting digital assets were not participating in the commodity-led strength.

That mix, stronger oil and metals, weaker equities, and a firmer dollar versus the yen, is consistent with a market that is pricing in more inflation pressure and less appetite for growth risk at the open.

Why this matters for the session ahead

The size of the Nikkei and Kospi declines makes this more than a routine soft open. When Japan and Korea lead lower together, it often signals stress in global cyclical sentiment, especially for autos, exporters and technology-linked supply chains. The simultaneous rise in crude and precious metals adds a second layer of pressure, because it can reinforce concerns about input costs and margin compression.

For traders, the key question is whether the early equity weakness broadens into a regional de-risking move or stabilizes once local flows and currency hedging settle. If oil remains elevated and autos stay under pressure, the market may continue to favor defensive positioning and commodity exposure over cyclicals.

Confirmed facts

• Nikkei 225 opened at 64,916.7, down 2,827.59 points or -4.174%.
• Nikkei 225 ETF fell to 676.6, down -4.219%.
• Kospi fell to 5,768.01, down -4.43%.
• Hang Seng was at 24,186.83, down -0.101%.
• ASX 200 was at 8,760, down -0.272%.
• WTI crude rose to 98.14, up +3.207%.
• Gold rose to 4,155.6, up +1.161%.
• Silver, platinum and palladium all posted gains above 2.7%.
• USD/JPY rose to 158.514, while USD/CNY fell to 6.6707.
• Global autos fell to 100.581, down -4.681%.

Market interpretation

• The opening drop in Japan and Korea suggests a broad risk-off start to Asia-Pacific trade.
• Higher oil prices may be amplifying concerns about inflation and corporate margins.
• Autos are underperforming, likely reflecting sensitivity to growth, energy and currency conditions.
• Gold and silver strength indicates continued demand for defensive and inflation-sensitive assets.
• The yen’s weakness did not prevent Japanese equities from selling off, which implies the move is being driven by broader sentiment rather than FX alone.

Market background

Context links: financial markets, stock market indices, bond markets, foreign exchange, commodities.

Confirmed facts versus interpretation

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