Japan Stocks Tumble at Open as Middle East Tensions Escalate

MT Newswires Live03-23

Japanese stocks fell sharply at Monday's opening bell amid crude oil price volatility, as the conflict in the Middle East dragged on with no signs of easing.

The Nikkei 225 fell 903.8 points or 1.7% to 52,468.72. Brent crude was trading at over $111 per barrel.

Heightened tensions persisted in the Middle East after U.S. President Donald Trump gave Tehran a 48-hour deadline to reopen the Strait of Hormuz, set to expire Monday evening, New York time. The U.S leader warned of possible strikes on Iranian power facilities if the demand is not met.

In response, Iran said that any such attack would lead it to close the waterway indefinitely and target U.S. and Israeli energy infrastructure throughout the region, according to various media reports.

Separately, Japanese Foreign Minister Toshimitsu Motegi stated that Japan is not pursuing unilateral talks with Iran to secure safe passage for its vessels through the Strait of Hormuz, despite a report suggesting Tehran was ready to offer such access, Bloomberg News reported on Sunday.

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