TOKYO, Jan. 15 (Xinhua) -- Japan's key stock index extended declines for the fifth consecutive day on Wednesday as concerns over stricter U.S. semiconductor regulations and potential Bank of Japan (BOJ) interest rate hikes fueled selling pressure.

The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed 29.72 points, or 0.08 percent lower at 38,444.58.

Morning trading saw a brief rebound as investors sought a technical recovery following recent losses, with the index gaining over 300 points at one point. However, the upward momentum faded over reports of possible stricter U.S. semiconductor regulations.

Additionally, BOJ Governor Kazuo Ueda confirmed that next week's policy meeting will consider rate hikes, reinforcing market speculation of early rate increases that prompted yen buying in the forex market and contributed to stock market declines.

Despite the Nikkei's drop, the TOPIX rebounded for the first time in five sessions, closing 8.23 points, or 0.31 percent higher at 2,690.81.

On Tokyo Stock Exchange's Prime section, advancing stocks outnumbered decliners 864 to 705, with 74 stocks unchanged. Enditem

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