4:30 PM Tokyo Ė Stocks in Tokyo and in Asia sold off after the latest statement from the U.S. Federal Reserve suggested rates may rise in a gradual fashion later in the year. Monex Group declined after operating revenues fell in May.
Market indexes in Japan and in Asia declined more than 1% on the worries that the U.S. rates will begin rising later this year.
Traders interpreted latest statement from the U.S. Federal Reserve after a 2-day policy meeting that the rates are more than likely to rise before the end of the year.
The Fed statement indicated that economic conditions will dictate the future pace of increase in rates but rates are expected to rise in a gradual fashion.
The Nikkei 225 Stock Average declined 225.73 or 1.1% to 19,993.54 and the broader Topix index slipped 17.04 to 1,616.66.
The yen closed at 122.98 against a dollar.
Stocks in Review
Monex Group, Inc
dropped 1.1% to 349 yen after the online securities services provider said operating revenue in May declined 6.3% to 4.45 billion yen from 4.75 billion yen in April but surged 31.3% from 3.39 billion yen in a year ago month.
The company reduced the financial expenses in the month to 382 million yen from 456 million yen in April but still it is higher of about 269 million yen from a year ago month.
gained 0.9% to 5,870 yen after the Nikkei business daily said network related software developerís operating profit for the first-half ending in June would be less than 24 billion yen compared to the same period last year.
The company estimated revenues for the year may drop 2% to 325 billion yen from earlier estimated range.
The company forecasted sales for the year ending in December may climb 2% to 618 billion yen and operating profit to increase 1% to 37.6 billion yen from a year ago period.
SBI Holdings Inc
declined 2.3% to 1,715 yen after the securities, banks and insurance services providerís board of directors approved to buy back as much as 7 million shares or up to 10 billion yen between May 13 and June 23.