Japanese stocks recorded their worst daily performance in a week.

Japanese stocks recorded a sharp decline at the close of trading on Wednesday, affected by the acceleration of the Producer Price Index (PPI) growth in Japan during October, due to the weakness of the yen which increased the import costs of some goods.

As a result, the Bank of Japan may be forced to accelerate its interest rate hike, leading to a decline in Japanese stocks at the close; the Nikkei index fell to record its worst daily performance in a week.

According to data released this morning, the growth of the Producer Price Index or the Corporate Goods Price Index accelerated to 3.4%, while it was expected that the economic index would slow down to 2.9%, after the index recorded an increase to 3.1% in September.

At the close of today's Japanese stock session, the Nikkei index dropped by about 1.55% or 610.00 points, ending the trading session at 38,740.50 points, marking its worst daily performance in a week. Meanwhile, the Topix index fell by 1.21% or 33.10 points, closing at 2,708.42 points.