The Nikkei 225 index recorded its largest weekly decline since June 2022

The Nikkei 225 posted its biggest weekly drop since June 2022, as the outlook for U.S. interest rates and Middle East tensions spooked investors, leading to a sell-off in global stock markets. The index closed down 2.7%, falling more than 3% at one point during the session, losing 37,000 points and falling 10% from its all-time high in what appeared to be a technical correction. The Nikkei 225's fortunes have changed quickly. Just two months ago, the index hit an all-time high in 1989 and set a new record on March 22.