Japanese Stocks Fall as Banks Slide Before BOJ; Exporters Drop
Japanese stocks fell, led by financials as bond yields slid ahead of US and Japan's central bank policy decisions this week. The yen's strength over the long weekend also squeezed exporters.
Topix Index fell 0.6% to 2,555.76 as the close
Nikkei declined 1% to 36,203.22.
Tokyo Electron Ltd. contributed the most to the Topix Index decline, decreasing 5.2%. Out of 2,131 stocks in the index, 1,199 rose and 843 fell, while 89 were unchanged.
Japan's currency strengthened past the psychological level of 140 per dollar on Monday amid expectations the gap between US and Japanese interest rates will narrow. The Federal Reserve and Bank of Japan hold monetary policy meetings this week, and traders will be closely watching for any comments on future rate trajectories. The yen traded at around 140.63 to the dollar on Tuesday.
Source: Bloomberg