Japanese stocks fall 2.2% as Warsh speech lifts U.S. rate prospects

Japanese stocks declined at 0014 GMT after Fed Chair Kevin Warsh’s Friday speech increased prospects for U.S. rate increases. Chip-related shares led the retreat, with Advantest falling 7.8%, SoftBank Group dropping 4.2% and Tokyo Electron losing 3.8%. The Nikkei Stock Average was down 2.2% at 64930.03. The dollar rose to 160.00 yen from Y159.48 at Friday’s Tokyo stock-market close. Investors were also watching developments in the Iran war and oil prices after U.S. forces attacked two Iranian rocket launchers in the Strait of Hormuz on Sunday.