Japanese stocks stayed under pressure, Nikkei off six-week high

Japanese stocks stayed under pressure today. Asia-Pacific stock markets generally declined due to renewed Middle East tensions and soaring crude oil prices, with WTI and Brent crude exceeding $104 and $100 per barrel respectively. The benchmark Nikkei 225 index fell 0.62% to close at 56502, largely giving up gains in last few days. The index had hit a near six-week high in last session but has turned lower now. Sentiment appears cautious as Bank of Japan Governor Kazuo Ueda has noted that uncertainty over the Middle East conflict was keeping markets unstable and could hurt factory output. Ueda also highlighted d the need for vigilance against fallout from the Iran war in explaining the outlook for monetary policy, rather than sticking to the BOJ's script pledging to keep raising interest rates.